Wednesday, 14 October 2015
BC's Strong Housing Demand Pulls Our Inventory to an Eight Year Low.
The British Columbia Real Estate Association reports that a total of 8,553 residential unit sales were recorded by the MLS in September, up 12 per cent from the same month last year. The total sales dollar volume was $5.2 billion, up 18 per cent compared to the previous year. The average MLS residential price in the province of BC rose to $605,258 up 5.3 per cent from September 2014.
The strong consumer demand has pulled down the inventory of homes for sale to its lowest level in eight years! BC's market conditions are favouring home sellers in some of our board areas, while contributing to relative balance between buyers and sellers in others. There was a five month supply of residential inventory province wide in September. A balanced market typically exhibits a 5-8 month supply of homes for sale.
The year-to-date BC residential sales dollar volume increased by 33.8 per cent to $49.5 billion, when compared with the same period in 2014. Residential unit sales have climbed by 21.1 per cent to 79,170 units, while the average MLS residential price was up 10.4 per cent to $624,659