Stats Don’t Lie: Vancouver Real Estate`s Empty Shelves – January 2015

Empty Shelves

There’s nothing worse than going to your local grocery store and finding all the food shelves empty. “The first month of 2015 saw home sale activity above historical norms, while the number of homes listed for sale trended below typical levels” says the Real Estate Board of Greater Vancouver.

Few Pickins

Empty-shelves-Russia-WebPhoto Credit: kcmeesha.com

According to the Board’s President “demand remains steady but we’re seeing fewer homes for sale at the moment. This is creating greater competition amongst buyers, particularly in the detached home market. The number of detached homes listed for sale today is the second lowest we’ve seen in four years.”

Listings Down

The total number of properties currently listed for sale on the REBGV MLS® is 10,811, a 14.2 per cent decline compared to January 2014.

Prices Up

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $641,600. This represents a 5.5 per cent increase compared to January 2014.

January Numbers

Detached

  • Sales in January 2015 saw an increase of 7.3 per cent increase from the 728 sales recorded in January 2014
  • $1,010,000 is the new Detached Benchmark price – up 8.4% from January 2014.
House Picture Prices Rising

Apartment

  • Apartment Sales totaled 809 in January 2015 – up 7.4% compared to the 753 sales in January 2014.
  • Apartment Benchmark price reached $382,800, up 2.5% from January 2014

Attached

  • Attached Sales reached a total of 323 in January 2015 – up 15.8% compared to January 2014’s 279.
  • January 2015’s benchmark price was up 4.3% to $479,600.

More Numbers Here

About Larry Yatkowsky

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*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.

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