Home buyer and seller activity in the Greater Vancouver housing market continues to far outpace 2012, yet is in line with the region’s 10-year averages.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,483 on the Multiple Listing Service® (MLS®) in September 2013.
This represents a 63.8 per cent increase compared to the 1,516 sales recorded in September 2012 and a 1.2 per cent decline compared to the 2,514 sales in August 2013.
Last month’s sales were 1 per cent below the 10-year sales average for the month while new listings for the month were 3.5 per cent below the 10-year average.
“While sales are up considerably from last year, it’s important to note that September 2012 sales were among the lowest we’ve seen in nearly three decades,” Sandra Wyant, REBGV said. “Home sale and listing activity this September were in line with the 10-year average for the month.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,030 in September. This represents a 5.5 per cent decline compared to the 5,321 new listings reported in September 2012 and a 20.2 per cent increase compared to the 4,186 new listings in August of this year.
The total number of properties currently listed for sale on the MLS® in Greater Vancouver is 16,115, a 12.2 per cent decrease compared to September 2012 and a 0.5 per cent increase compared to August 2013. The sales-to-active-listings ratio currently sits at 15.4 per cent in Greater Vancouver.
“It’s important to remember that stronger sales activity does not necessarily equate to rising home prices. In fact, home prices have not fluctuated much in our market this year,” Wyant said.
The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $601,900. This represents a decline of 0.7 per cent compared to this time last year and an increase of 2.3 per cent compared to January 2013.
Sales of detached properties reached 1,023 in September 2013, an increase of 72.2 per cent from the 594 detached sales recorded in September 2012, and a 6.9 per cent increase from the 957 units sold in September 2011. The benchmark price for detached properties decreased 1.4 per cent from September 2012 to $922,600.
Sales of apartment properties reached 1,018 in September 2013, an increase of 50.6 per cent compared to the 676 sales in September 2012 and an increase of 10.4 per cent compared to the 922 sales in September 2011. The benchmark price of an apartment property decreased 0.5 per cent from September 2012 to $366,600.
Attached property sales in September 2013 totalled 442, an increase of 79.7 per cent compared to the 246 sales in September 2012, and a 20.4 per cent increase from the 367 attached properties sold in September 2011. The benchmark price of an attached unit is currently $458,300, which is unchanged from September 2012.
Real Estate Board President-elect on our September Market - Just click the link.
Pricing your home correctly is critical to a successful sale as it will help your home sell for the most amount of money, in the shortest amount of time.
Determining a home's asking price involves comparing similar homes that have recently sold while taking past, present and future local market trends into account.
Although you may have your own personal opinion of what your home's worth, it's important to be realistic and unbiased. In the end, the market will determine your home's true value.
There's always a huge buzz when a new property hits the market but if the price is too high, it will quickly become stale and there won't be any incentive for buyers to make a swift, strong offer. Worse yet, buyers will start to wonder what's wrong with it!
Overpricing your property will also help your competition as buyers will see other homes in your area as much better deals since they're less expensive. If your home is priced at fair market value, those same buyers will consider your home more seriously.
Having your property sit on the market is also inconvenient as you'll constantly have to keep it in a show-ready state. Furthermore, carrying costs such as mortgage interest, insurance, taxes and utilities will quickly add up if you get stuck carrying two homes at once.
Pricing a home is part art and part science. Market factors such as the economy, time of year and interest rates can all make a huge difference. Your home only gets one chance to make a great first impression so it's critical to enlist the services of a professional real estate agent to help you get things done properly from start to finish.
As Realtors we are often asked "when is the best time to put my property on the market?"
The best answer is "When it works into your plans" . There are always buyers looking to buy and sellers looking to sell.
The highest number of houses are on the market in the spring from early February to the end of June. If you are on the market at that time there is more competition or choice for the buyer. These sellers are usually looking to have their house sold in the spring so they can be settled by mid year when kids are out of school and people are on summer vacation.
The summer usually has a less number of buyers as they are busy with vacations and family. There are still lots of houses on the market at this time and with less buyers the competition is very strong from a sellers point of view.
The fall, September until the end of November, usually sees more buyers back in the market as they want to get moved and settled before year end. This time of the year the number of houses on the market begins to decline in early November.
December and January are the months when there is the least amount of competition from a sellers point of view as the number of properties on the market is lowest for the year. It is also when a lot of homes are decorated for the festive season and show very well. Festive lights and seasonally baking may invoke strong emotions from a buyer. Purchasing a home is about a little logic and a lot of emotion.
Most critical for you as a seller is to choose when works best for you, make your home shine and price it right. There are always buyers out there looking for the "perfect" home. Regardless of the time of year, that house may be yours.
Local Maple Ridge
Single family house September sales totalled 76 with the average sale price of $480,923. This a 31% increase in number of sales and average price decrease of 8% compared to September last year. Townhouse September sales totalled 26 with an average sale price $287,036. This is a 100% increase in the number of sales and 9% increase in average price over last September. Condominiums September sales totalled 13 with the average sale price of $193,523. This is an 8% increase in number of sales and average price decrease of 1% over last September.
Total of all types of sales for September was 115 with an average sale price of $404,599. This is a 38% increase in number of sales and a 7% decrease in average price over last September.
Low volumes cause the statistics to vary quite a bit from month to month.
Year to date our average prices for single family are basically unchanged, townhouses also unchanged and condos decreased by about 1%. Average price for a single family in Maple Ridge has not changed in 3 years. We have seen about a 7-10% drop in average sale price of town homes and condos in the same time period.
The number of properties on the market in Maple Ridge for September was 1018 which almost identical to September 2012. .
For more detail just call 604-466-4549 or email
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