VANCOUVER, B.C. – September 4, 2013 – 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 percent increase compared to the 1,649 sales recorded in August 2012, and a 14.7 percent decline compared to the 2,946 sales in July 2013.
Last month’s sales were 4.6 percent 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 percent increase compared to the 4,044 new listings reported in August 2012 and a 13.8 percent 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 percent decrease compared to August 2012 and a 3.6 percent decline from July 2013.
The sales-to-active-listings ratio currently sits at 15.7 percent 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 percent decline compared to August 2012 and an increase of 2.3 percent since the beginning of 2013.
Sales of detached properties reached 1,052 in August 2013, an increase of 69 percent from the 624 detached sales recorded in August 2012, and a 3.1 percent increase from the 1,020 units sold in August 2011. The benchmark price for detached properties decreased 2 percent from August 2012 to $923,700.
Sales of apartment properties reached 1,018 in August 2013, an increase of 40.4 percent compared to the 725 sales in August 2012, and an increase of 6.6 percent compared to the 955 sales in August 2011. The benchmark price of an apartment property decreased 1.1 percent from August 2012 to $366,100.
Attached property sales in August 2013 totalled 444, an increase of 48 percent compared to the 300 sales in August 2012, and a 10.2 percent increase from the 403 attached properties sold in August 2011. The benchmark price of an attached unit decreased 1.1 percent between August 2012 and 2013 to $457,000.