Stronger than average home sales combined with fewer new listings to marginally push up Metro Vancouver’s benchmark home price to a record $637,300, the Real Estate Board of Greater Vancouver (REBGV) revealed December 2.
The benchmark price at the end of October was $637,000. Prices have risen 5.7% in the past year.
“Home prices across the region have experienced steady gains in 2014 of between 3% and 7%, depending on property type,” REBGV president Ray Harris said in a release.
Strong sales underpin those price hikes.
REBGV statistics show that residential property sales in Metro Vancouver reached 2,516 on the Multiple Listing Service (MLS) in November 2014. This was an 8.4% increase compared to the 2,321 sales in November 2013. Last month’s sales were also 6.9% above the 10-year sales average for November.
Listings, meanwhile, have been sagging.
The total number of properties currently listed for sale on the MLS system in Metro Vancouver is 12,553, according to the REBGV. That’s a 10.2% decline compared to November 2013.
“This is traditionally a low inventory time of year, so it’s a good time to list your home for sale if you want to face less competition in the marketplace,” Harris said.
The price of the average detached home in Metro Vancouver is now just shy of $1 million, at $997,800 whereas the benchmark price for an attached property is $480,000 and the benchmark price for an apartment is $379,500.