Spring buyers and sellers emerge in the Greater Vancouver housing market.
Home buyers and sellers became more active in the Greater Vancouver housing market in April.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3050 on the Multiple Listing Service (MLS) in April 2014. This represents a 16.1% increase compared to the 2627 sales recorded in April 2013, and a 15.5% increase compared to the 2641 sales in March 2014.
Last month's sales were 5.2% below the 10-year sales average for April of 3217.
The sales-to-active-listings ratio currently sits at 19.7% in Greater Vancouver, which is the highest this measure has been since June 2011.
"We saw steady increases in home seller and buyer activity in April, which is typically the case in the spring months," Ray Harris, REBGV president said. "People often look to buy or sell their home this time of year as the school year draws to a close and the summer holiday season i sstill a few months away," Harris said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5950 in April. This represents a 1.3% increase compared to the 5876 new listings in April 2013 and a 12.7% increase from the 5281 new listings in March. Last month's new listing count was 1.2% higher than the region's 10-year new listing average for the month.
The total number of properties currently listed for sale on the MLS system in Greater Vancouver is 15 515, a 7.3% decline compared to April 2013 and a 7.2% increase compared to March 2014.
"Home prices in the region continue to show stready, yet modest, increased when compared to last year," Harris said.
The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $619 000. This represents a 3.6% increase compared to April 2013.
Sales of detached properties in April 2014 reached 1336, and increase of 25.6% from 1064 detached sales recorded in April 2013, and an 18.7% increase from the 1126 units sold in April 2012. The benchmark price for detached properties increased 4.7% from April 2013 to $956 700.
Sales of apartment properties reached 1172 in April 2014, an increase of 11.4% compared to the 1052 sales in April 2013, and a 1.5% decline compared to the 1190 sales in April 2012. The benchmark price of an apartment property increased from 2.6% from April 2013 to $375 500.
Attached property sales in April 2014 totalled 542, a 6.1% increased compared to the 511 sales in April 2013, and a 12.2% increase over the 483 attached properties sold in April 2012. The benchmark price of an attached unit increased 2% between April 2013 and 2014 to $464 400.