Home buyers continue to slightly outpace sellers, but not by much
Written by Kevin O'Toole on August 5th, 2014
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,061 on the Multiple Listing Service® (MLS®) in July 2014. This represents a 3.9 per cent increase compared to the 2,946 sales recorded in July 2013, and a 10.1 per cent decline compared to the 3,406 sales in June 2014.
“This is the fourth consecutive month that the Greater Vancouver market has exceeded 3,000 sales,” Darcy McLeod, REBGV president-elect said. “Prior to this, our market had not surpassed the 3,000 sale mark since June of 2011.”
Last month’s sales were 3.8 per cent above the 10-year sales average for July of 2,948.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver* is currently $628,600. This represents a 4.4 per cent increase compared to July 2013.
Vancouver HPI )Home Price Index) Chart for end of July 2014
“Today’s activity continues to put Metro Vancouver in the upper reaches of a balanced real estate market,” McLeod said.
The sales-to-active-listings ratio currently sits at 19.6 per cent in Metro Vancouver. This ratio has ranged between 18 and 20 per cent over the last four months.
New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,925 in July. This represents a 1.5 per cent increase compared to the 4,854 new listings in July 2013 and a 7.8 per cent decline from the 5,339 new listings in June.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 15,617, a six per cent decline compared to July 2013 and a 2.5 per cent decrease compared to June 2014.
Sales of detached properties in July 2014 reached 1,322, an increase of 5.8 per cent from the 1,249 detached sales recorded in July 2013, and a 68 per cent increase from the 787 units sold in
See the full report here: Vancouver Real Estate Statistics Report July 2014
If you have any questions or would like to know how this affects your home and property’s value, please call Kevin on 604-340-1267 or email kevin@findaproperty.ca
Last month’s sales were 10.3 per cent below our 10-year January sales average. [read more]
The BC Home Owner Mortgage and Equity (HOME) Partnership program will offer qualifying home buyers loans of up to $37,500, interest and payment free, for five years. [read more]
Metro Vancouver home sales dipped below the 10-year monthly sales average last month. This is the first time this has occurred in the region since May 2014. [read more]
Metro Vancouver homes sales resembled more typical levels in July. [read more]
Last month was the highest selling February on record for the Metro Vancouver housing market. [read more]
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