{"id":834,"date":"2016-02-02T09:32:08","date_gmt":"2016-02-02T17:32:08","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=834"},"modified":"2016-02-02T09:32:19","modified_gmt":"2016-02-02T17:32:19","slug":"home-buyer-competition-keeps-home-sellers-in-the-drivers-seat","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/02\/home-buyer-competition-keeps-home-sellers-in-the-drivers-seat\/","title":{"rendered":"Home Buyer Competition Keeps Home Sellers in the Driver\u2019s Seat"},"content":{"rendered":"<p style=\"text-align: justify;\">Home buyer activity remains at near record levels across the Metro Vancouver housing market.<\/p>\n<p style=\"text-align: justify;\">Residential property sales in Greater Vancouver totalled 2,519 in January 2016, an increase of 31.7% from the 1,913 sales recorded in January 2015 and a 10.9% decline compared to December 2015 when 2,827 home sales occurred.<\/p>\n<p style=\"text-align: justify;\">Last month\u2019s sales were 46% above the 10-year sales average for the month and rank as the second highest January on record.<br \/>\n\u201cFundamental economics are driving today\u2019s market. Home buyer demand is at near record heights and home seller supply is as low as we\u2019ve seen in many years,\u201d Darcy McLeod, REBGV president said.<\/p>\n<p style=\"text-align: justify;\">New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,442 in January 2016. This represents a 6.2% decline compared to the 4,737 units listed in January 2015 and a 119.8% increase compared to December 2015 when 2,021 properties were listed.<\/p>\n<p style=\"text-align: justify;\">\u201cThe MLS\u00ae is the most powerful real estate marketing system in the country. If you\u2019re thinking of selling, it\u2019s important to talk with your REALTOR\u00ae about putting your home on the MLS\u00ae system to ensure your property gets maximum exposure,\u201d McLeod said.<\/p>\n<p style=\"text-align: justify;\">The total number of properties currently listed for sale on the MLS\u00ae system in Metro Vancouver is 6,635, a 38.6% decline compared to January 2015 (10,811) and a 10.1% increase compared to December 2015 (6,024).<\/p>\n<p style=\"text-align: justify;\">The sales-to-active listings ratio for January 2016 is 38%. This is indicative of a seller\u2019s market.<\/p>\n<p style=\"text-align: justify;\">Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12% mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period of time.<\/p>\n<p style=\"text-align: justify;\">Sales of detached properties in January 2016 reached 1,047, an increase of 34.1% from the 781 detached sales recorded in January 2015. The benchmark price for detached properties increased 27.9% from January 2015 to $1,293,700.<\/p>\n<p style=\"text-align: justify;\">Sales of apartment properties reached 1,096 in January 2016, an increase of 35.5% compared to the 809 sales in January 2015.The benchmark price of an apartment property increased 19.4% from January 2015 to $456,600.<\/p>\n<p style=\"text-align: justify;\">Attached property sales in January 2016 totalled 376, an increase of 16.4% compared to the 323 sales in January 2015. The benchmark price of an attached unit increased 16.4% from January 2015 to $563,700.<\/p>\n<p><a href=\"http:\/\/www.rebgv.org\/sites\/default\/files\/201601-REBGV-Stats-Package-for-Media.pdf\" target=\"_blank\">Home Buyer Competition Keeps Home Sellers in the Driver\u2019s Seat<\/a> by REBGV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Home buyer activity remains at near record levels across the Metro Vancouver housing market. Residential property sales in Greater Vancouver totalled 2,519 in January 2016, an increase of 31.7% from &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/02\/home-buyer-competition-keeps-home-sellers-in-the-drivers-seat\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-834","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Home Buyer Competition Keeps Home Sellers in the Driver\u2019s Seat &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2016\/02\/home-buyer-competition-keeps-home-sellers-in-the-drivers-seat\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Home Buyer Competition Keeps Home Sellers in the Driver\u2019s Seat &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Home buyer activity remains at near record levels across the Metro Vancouver housing market. 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