Home buyers were active in Metro Vancouver last month, with home sales well exceeding the 10 years average for September. The latest SnapStats reports that residential property listings in Downtown Vancouver, Vancouver West, Vancouver East, North Vancouver and West Vancouver reached 5,166 on the Multiple Listing Service® (MLS®) in September 2014. This represents a 3.38% increase compared to the 4,997 listings recorded in August. Last month’s sales were totalled 1,188 in September and the sales is 7.4% above August of 1,106.

Market in Downtown Vancouver

The total number of properties currently listed for sale on MLS® system in Downtown Vancouver is 862 and 250 homes were sold in September. The Sale recorded in September is the second highest in past 12 month. The number of listing properties has declined 0.46% compared to August 2014.

The sales-to-inventory ratio currently sits at 29% average in the Sellers Market, which means 2.9 in 10 homes are selling. This states the 2.33% increased from 26.67% recorded in August.

The median sales price has increased to $536,500 in September 2014, and the price is the highest in past 12 month. Homes are currently selling on the average of 2% below their listing price. The Most Active Price Range is in between $300,000 to $400,000 at 40% sales ratio as well as $1.5 million to $1.75 million at 44% sales ratio. The Sellers Best Bet is homes in Coal Harbour, Yaletown and up to 3 bedroom properties. The Buyers Best Bet is the following: Homes between $600,000 to $700,000; $5 million plus, Downtown Westend area and up to 2 bedrooms properties.

From the 13 Month Market Trend figure below, sales price in Downtown Vancouver has been decreasing since June 2014 yet we see quick rise in September, and the Buyers activity has increased.

Source: SnapStats Metro Vancouver Edition September 2014, SnapStats Publishing Co.

Market in Vancouver West 

Sales for both Detached and Attached properties in Vancouver West totalled 379 units out of 1,734 listings. This represents a 12.4% decrease in sales from August 2014, and Detached and Attached properties in Westside have 21.8% average sales ratio. The Vancouver West Detached Market is facing Balanced Market at 21% sales ratio average. The Most Active Price Band in the Detached Market has remained at $1.25 to $1.5 million with 61.11% ratio and $2 to $2.5 million range with 46.51% sales ratio, and Attached Market active price band has dropped to $0 to $300,000 range.

Market in Vancouver East                                    

New listings in Vancouver East reached 1,089 units and sales are totalled 257 in September. Detached Market is facing Sellers Market with 32% sales ratio and the market is the most active at $800,000 to $900,000 with 55.56% sales ratio. The Homes are sold at $1,002,999 which is the highest price recorded in past 12 month. The inventory of the Attached Market in Vancouver East reached 637, and it is the highest in past 12 month trend, and homes are selling on average 1% below listing price. The market is facing Balanced Market at 18% sales ratio, and the most active at $500,000 to $600,000 with 40.91% sales ratio.

Market in North Vancouver

Total properties listed in MLS® has become 856 units in North Vancouver in September, and 194 units were sold. The sales ratio has increased to 34.43%, and this shows a 2.5% decrease compared to August 2014. The number of sold properties has been decreasing since April 2014 in North Vancouver Detached Market, yet we see an increase in last month. The Most Active Price Range in September has remained in between $800,000 to $900,000 with 82.35% sales ratio. The Attached Market is facing the Balanced Market and the sales ratio is at 18%, which has not changed since July 2013.

Market in West Vancouver

Detached Market is Balanced Market now with 16% sales ratio, and the Attached Market has changed to Sellers Market with 22% sales ratio average in September. In Detached Market, the Most Active Price Band has remained the same at $1.75 million to $2 million band with 44% sales ratio, and homes are selling on average 2% below list price. The Buyers in West Vancouver Market was more active in September. The Attached Market has changed to Sellers Market, and the Most Active Price Range has shifted down to $400,000 to $500,000 with 35.71% sales ratio.

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