August activity in the Greater Vancouver
housing market finished well above last year’s pace and slightly below the
10-year average for the month.
The Real Estate Board of Greater Vancouver
(REBGV) reports that residential property sales in Greater Vancouver reached
2,514 on the Multiple Listing Service® (MLS®) in August 2013. This
represents a
52.5 per cent increase compared to the 1,649 sales recorded in August 2012, and
a 14.7 per cent decline compared to the 2,946 sales in July 2013.
Last month’s sales were 4.6 per cent below
the 10-year sales average for the month.
“We’ve seen a healthy amount of demand in
the marketplace this summer compared to the number of homes listed for sale,”
Sandra Wyant, REBGV president said. “The market today is much stronger than we
saw last year and is consistent with our long-term averages for this time of
year.”
New listings for detached, attached and
apartment properties in Greater Vancouver totalled 4,186 in August. This
represents a 3.5 per cent increase compared to the 4,044 new listings reported
in August 2012 and a 13.8 per cent decline from the 4,854 new listings in July
of this year.
The total number of properties currently
listed for sale on the MLS® in Greater Vancouver is 16,027, which is an 8.8 per
cent decrease compared to August 2012 and a 3.6 per cent decline from July
2013.
The sales-to-active-listings ratio currently
sits at 15.7 per cent in Greater Vancouver. This ratio remains consistent with
balanced market conditions.
“People entering the market should not
confuse stronger sales activity with rising prices. Home prices have been quite
stable and consistent for much of this year,” Wyant said.
The MLS® Home Price Index composite
benchmark price for all residential properties in Greater Vancouver is currently
$601,500. This represents a 1.3 per cent decline compared to August 2012 and an
increase of 2.3 per cent since the beginning of 2013.
Sales of detached properties reached 1,052
in August 2013, an increase of 69 per cent from the 624 detached sales recorded
in August 2012, and a 3.1 per cent increase from the 1,020 units sold in August
2011. The benchmark price for detached properties decreased 2 per cent from
August 2012 to $923,700.
Sales of apartment properties reached 1,018
in August 2013, an increase of 40.4 per cent compared to the 725 sales in August
2012, and an increase of 6.6 per cent compared to the 955 sales in August 2011.
The benchmark price of an apartment property decreased 1.1 per cent from August
2012 to $366,100.
Attached property sales in August 2013
totalled 444, an increase of 48 per cent compared to the 300 sales in August
2012, and a 10.2 per cent increase from the 403 attached properties sold in
August 2011.
The benchmark price of an attached unit decreased 1.1 per cent
between August 2012 and 2013 to $457,000.
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