"What's up?" This question has become a common greeting - a substitue for 'hello'. It's a question to which we don't really expect an answer. But as I was reviewing September statistics and just about to begin writing this blog, a colleague greeted me with "what's up?" and all sorts of real estate answers popped into my head about what was up in September:
- Sales volume versus this time last year
- Sales volume versus the 10-year average
- Benchmark price for all housing types - detached, town houses and condos
The only thing not up in September, echoing the trend of the entire past 12 months, were listings. The number of new listings has been less, month for month 2014 vs 2013, without fail for the past year and September was no exception. The 'up' sales with the 'down' listings has kept Greater Vancouver right on the ridge between Balanced Market and Sellers' Market. Using purely generalized sales-to-active statistics, 12-20% is often considered a Balanced Market and 20% or higher, a Sellers' Market. September's strong buyer activity pushed the region's ratio to 19.7%. What's particularly interesting to me about this is that September bucked a 3-year trend for late summer activity:
- 2011: August sales = 2,380. September sales fell 5% to 2,260
- 2012: August sales = 1,645. September sales fell 7.5% to 1,521
- 2013: August sales = 2,531. September sales fell 1.6% to 2,488
- 2014: August sales = 2,785. September sales rose 5.8% to 2,946
Was it the continued beautiful house-hunting weather? Was it the resolution of the teachers' strike? Was it better quality of inventory even though quantity was down? And where will it go from here? I'd love to hear your thoughts.
Time for details. Here's how the statistics break down for Greater Vancouver. And remember, if you don't see your Area or Sub-Area here, contact me directly for those details - there are simply far too many categories to break down here.
SALES: 2,922 - September 2014. This is the 3rd highest selling September in 10 years.
- 17.7% increase over 2,483 sales in September 2013
- 5.4% increase over 2,771 sales in August 2014
- 16.1% increase over 10-year September average of 2,517
DETACHED HOME SALES: 1,270 - September 2014
- 24.1% increase over 1,023 sales in September 2013
- 113.8% increase over 594 sales in September 2012!!
APARTMENT/CONDO SALES: 1,188 - September 2014
- 16.7% increase over 1,018 sales in September 2013
- 75.7% increase over 676 sales in September 2012!!
ATTACHED HOME SALES: 464 - September 2014
- 5% increase over 442 sales in September 2013
- 88.6% increase over 246 sales in September 2012!!
MLS® HPI BENCHMARK PRICES:
- All residentail in Greater Vancouver: $633,500. 5.3% increase over September 2013
- Detached homes: $990,300. 7.3% increase over September 2013
- Apartment/Condo: $378,700. 3.3% increase over September 2013
- Attached homes: $477,700. 4.2% increase over September 2013
NEW LISTINGS: 5,259 - September 2014
- 4.6% increase over 5,030 new listings in September 2013
- 33.5% increase over 3,940 new listings in August 2014
TOTAL ACTIVE LISTINGS: 14,832 - September 2014
- 8.0% decline vs September 2013
- 0.4% increase over August 2014
Source: Real Estate Board of Greater Vancouver (REBGV)