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. Sales of detached, attached properties in 2015 reached 42,326, a 27.8% increase from the 33,116 sales recorded in 2014, and a 48.4% increase over the 28,524 residential sales in 2013.
Home buyers were active and motivated throughout 2015 despite the pressure on supply of homes on the market. Housing markets typically experience quieter periods within a calendar year, but that wasn't the case in Vancouver last year. It was full steam in 2015.
The sellers market conditions in 2015 put upward pressure on prices, that resulted in price increases ranging from 14-24 % depending on property type.
Yaletown - 78.46% of properties are selling
Downtown- 86.05% are selling
West End - 87.93 % are selling
Coal Harbor - 38% of properties are selling
(anything over 21% is considered a SELLERS MARKET)
Most active price band- 300-800k and properties +/- $1 Million.
Properties downtown are are selling on average 5% ABOVE list price
Average price for downtown condo $630,000. Prices are up this month 2.5% from November 2015.
There are lots of off market sales happening in today's market. The stats show that sales are exceeding inventory. As a seller, you hold the power. Make sure to take full advantage of this sellers market and list your property for sale. Do not leave any money on the table. In December there were 101 properties listed for sale priced between $300,000-$800,000 in Downtown Vancouver. There were 136 sales last month in this price range, meaning the sales exceeded the inventory by 26%.