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.