The sunny, summery weather held steady for August and so did our region's residential real estate market. While not record breaking, the housing market's steady sales, listing, and pricing trends for August follow the 10-year averages.
Buyer demand has remained strong, but a slight decrease since July pushed the sales-to-active listings ratio back under 20% to 18.7%. While a single month shouldn't be used to draw large conclusions, it is interesting that the rise toward "seller market" territory (20%+) has cooled just slightly. This could be a result of fence-sitting sellers catching on to their potential advantage and listing their property or simply that August is often a bit slower as more people are enjoying the weather and thinking about the transition back to school. Either way, my professional opinion from being very active during the summer with several buyer-clients, is that there is still a big shortage of quality listings. Accurately priced, clean, quality units fly off the market. My buyers, whether those looking in the $300,000 starter home range, the $600,000 range or even in the $900,000+ range have too few options. If you have thought about listing, I think it's a very good time to do so. Call me - buyers are ready and available.
So let's get into the nitty gritty. Here's how the statistics break down for Greater Vancouver.
While there are far too many categories to break down here, do not hesitate to contact me directly for statistics for your Area or Sub-Area.
SALES: 2,771 - August 2014
- 10.2% increase over 2,514 sales in August 2013
- 9.5% decline vs 3,061 sales in July 2014
- 4.3% increase over 10-year August average of 2,658
DETACHED HOME SALES: 1,158 - August 2014
- 10.1% increase over 1,052 sales in August 2013
- 85.6% increase over 624 sales in August 2012!!
APARTMENT/CONDO SALES: 1,126 - August 2014
- 10.6% increase over 1,018 sales in August 2013
- 55.3% increase over 725 sales in August 2012
ATTACHED HOME SALES: 487 - August 2014
- 9.7% increase over 444 sales in August 2013
- 62.3% increase over 300 sales in August 2012
MLS® HPI BENCHMARK PRICES:
- All residentail in Greater Vancouver: $631,600. 5.0% increase over August 2013
- Detached homes: $984,300. 6.6% increase over August 2013
- Apartment/Condo: $379,200. 3.6% increase over August 2013
- Attached homes: $474,900. 3.9% increase over August 2013
NEW LISTINGS: 3,940 - August 2014
- 5.9% decline vs 4,186 new listings in August 2013
- 20.0% decline vs 4,925 new listings in July 2014
TOTAL ACTIVE LISTINGS: 14,768 - August 2014
- 7.9% decline vs August 2013
- 5.4% decline vs July 2014
Source: Real Estate Board of Greater Vancouver (REBGV)