Hello and welcome to our Pinnacle Group Real Estate Marketing January 2016 Newsletter.
As always, thank you for taking the time to read our monthly PGREM update, we hope that it proves to be informative for you!
2015 Metro Vancouver Real Estate Market Summary
In a year when the number of homes listed for sale was below historical averages, actual home sales in Metro Vancouver set a new record.
The Real Estate Board of Greater Vancouver (REBGV) reports that 2015 home sales were the highest annual total in REBGV history. This was powered early in the year by four straight months with more than 4,000 sales a month from March to June, another first for REBGV.
Sales of detached, attached and apartment properties in 2015 reached 42,326, a 27.8 per cent increase from the 33,116 sales recorded in 2014, and a 48.4 per cent increase over the 28,524 residential sales in 2013.
The total number of homes listed for sale on the MLS® in 2015 ranked fifth in the last ten years, while the MLS® Home Price Index (HPI) saw double-digit year-over-year price increases.
The number of residential properties listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in 2015 reached 57,249. This is an increase of 2.1 per cent compared to the 56,066 properties listed in 2014 and an increase of 4.6 per cent compared to the 54,742 properties listed in 2013.
With sales-to-active-listings ratios above 25 per cent for 11 months in 2015, the Metro Vancouver market experienced seller’s market conditions for much of the year.
"Home buyers were active and motivated throughout 2015 despite the pressure on supply of homes on the market," Darcy McLeod, REBGV president said. "Housing markets typically experience quieter periods within a calendar year, but that wasn't the case in Metro Vancouver last year."
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver ends the year at $760,900. This represents an 18.9 per cent increase compared to December 2014.
“We often hear economists say that seller’s market conditions put upward pressure on home prices,” McLeod said. “That was certainly the case in 2015, with price increases ranging from 14 to 24 per cent depending on property type.”
SOLD – 1431 Dayton Street, Coquitlam, BC - $1,017,500
This exquisite home features 4-bdrms + den that is certain to impress with it’s thoughtful design. The open-concept floorplan flows seamlessly between rooms, anchored by the gourmet kitchen with easy access to a covered deck & private, fenced yard. Upstairs features an elegant Master Bedroom w/ a vaulted ceiling, full-size balcony & luxurious ensuite w/ double-sinks, glass shower & large walk-in closet. The basement can be finished into a deluxe rec room or a 2-bdrm legal suite. Larchwood homes stand apart for their innovative design features, high quality finishes, many high-end standard features & a range of custom upgrades. From the use of real wood to the custom stonework, there’s beauty in every detail.
Accepted Offer – 46 2332 Ranger Lane, Port Coquitlam, BC - $478,800
Welcome to Mosaic's fabulous Fremont Blue! Here is one of the most sought after 2BDR townhome floorplans. An entertainer delight featuring a spacious open concept with a large bright gourmet kitchen with a huge granite center island, top of the line S/S appliances, 9ft ceilings, oversized window, huge patio, beautiful master retreat with mountain view and spa like ensuite and a generous second bedroom plus a flexible ground level garage. All this just steps away from the resort like River Club exclusive to Fremont residence with its own private outdoor pool, hot tub, outdoor BBQ and Rec center. Close to restaurants, Costco, Home Depot, Starbucks and the best schools including Birchland Elementary and the renowned Terry Fox Senor Secondary.
Real Estate Update
VANCOUVER, B.C. – January 2016 – Residential property sales in Greater Vancouver totalled 2,827 in December 2015, an increase of 33.6 per cent from the 2,116 sales recorded in December 2014 and a 19.8 per cent decline compared to November 2015 when 3,524 home sales occurred.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 2,021 in December 2015. This represents a 7 per cent increase compared to the 1,888 units listed in December 2014 and a 40.4 per cent decline compared to November 2015 when 3,392 properties were listed.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 6,024, a 41.6 per cent decline compared to December 2014 and a 25.6 per cent decrease compared to November 2015.
Sales of detached properties in December 2015 reached 1,136, an increase of 36.4 per cent from the 833 detached sales recorded in December 2014. The benchmark price for detached properties increased 24.3 per cent from December 2014 to $1,248,600.
Sales of apartment properties reached 1,225 in December 2015, an increase of 34.3 per cent compared to the 912 sales in December 2014.The benchmark price of an apartment property increased 14 per cent from December 2014 to $436,200.
Attached property sales in December 2015 totalled 466, an increase of 25.6 per cent compared to the 371 sales in December 2014. The benchmark price of an attached unit increased 13.6 per cent from December 2014 to $543,700.
Radio Real Estate
Listen to Andrea weekly, on the Radio Real Estate Show with Tom Lucas and Bill Macklem, every Saturday morning from 10:00-11:00am on CISL650 across the Lower Mainland.
At PGM, our marketing efforts are geared to helping you achieve your real estate buying and selling goals. Whether you're looking to invest, downsize, upsize, or relocate, we can help.
If you, a family member or a friend have any questions or would like to discuss your real estate needs, please do not hesitate to contact me directly.
We look forward to hearing from you!