The British Columbia Real Estate Association (BCREA) released their December housing sales report today entitled, “December Home Sales Second Highest on Record
2009 – In Like a Lamb, Out Like a Lion”. They reported that MLS residential sales increased 132% to 5,703 units in December compared to the same month last year. More homes were sold last month than in any December on record except 1989 when 6,014 units were sold.
“2009 came in like a lamb and went out like a lion,” said Cameron Muir, BCREA Chief Economist. “The year began with home sales trending at a 25-year low and ended at a 20-year high. Low mortgage rates, pent-up demand and improving economic conditions were key drivers of consumer demand.”
BC MLS stats for 2009 were as follows:
- Residential units sold: 85,028 (+23% from 68,923 units in 2008)
- Residential sales dollar volume: $39.6B (+26% vs 2008)
- Average MLS® residential price: $465,725 (+2% vs) .
“Considerable momentum in the housing market is expected to carry through the first quarter of 2010, before home sales begin to moderate as a result of eroding affordability and less pent-up demand,” added Muir.
The chart below outlines the December 2009 Residential Average Price, Active Listings and Sales-to-Active-Listings Data by Board: