The rate of buying and selling of homes in Greater Vancouver ended with a bang, exceeding last year’s pace and slightly below the 10-year average for the month.
The Real Estate Board of Greater Vancouver (REBGV) reports that there is a 52.5% increase in domestic property sales when comparing the 1,649 residential property sales from August 2012, to August 2013, which boasts 2,515 properties sold. There is also a 14.7 decrease when August 2013 sales are compared to July 2012 sales, which reached 2,946.
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.”
August brought in 4,186 new listings for detached, attached and apartment properties in the Greater Vancouver Area, a 3.5% raise when looking at the 4,044 new listings reported in August 2012 and a 13.8% decline from the 4,854 new listings in July of this year.
The total number of properties currently listed for sale on MLS® in Greater Vancouver is down 8.8% at 16,027, compared to August 2012 and a 3.6% decline from July 2013.
The sales-to-active-listings ratio currently sits at 15.7% in Greater Vancouver, and has remained 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, a 1.3% decline compared to August 2012 and an increase of 2.3% since the beginning of 2013.
1,052 detached properties were sold in August 2013, an increase of 69% 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.
1,018 apartment properties were sold in August 2013, a 40.4% increase 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.
444 attached properties were sold in August 2013, a 48% increase 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.