Stability With Minor Fluctuations

(August 06, 2013)

Property sales in greater Vancouver reached a 40.4% increase in sales in July 2013 compared to sales in July 2012 and a 11.5% increase from June 2013. A magnificent record breaker of 0.1% increase in sales looking at the 10 year average for the month! In the last few months I have seen increases in demand in our market, which may be a result from the pent-up demand from the slowdown in sales activity from the end of last year.

A 1.1% increase for new detached, attached and apartment listings this month compared to July of 2012 and a 0.4% decrease for new listings this past June.

The sales-to-active-listings ratio rose two and-a-half percentage points between June and July to 17.7 per cent in Greater Vancouver. This is the highest this ratio has been in Greater Vancouver since April 2012.

The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $601,900. This represents a decline of 2.3 per cent compared to this time last year and an increase of 2.3 per cent over the last six months.

We are noticing stability with minor fluctuations throughout this year with our home prices. This stability in price brings greater certainty to the home buying and selling process.

Stats from REBGV:

Sales of detached properties reached 1,249 in July 2013, an increase of 59 per cent from the 787 detached sales recorded in July 2012, and a 13.7 per cent increase from the 1,099 units sold in July 2011. The benchmark price for detached properties decreased 3.1 per cent from July 2012 to $920,500.

Sales of apartment properties reached 1,210 in July 2013, an increase of 31 per cent compared to the 927 sales in July 2012, and an increase of 16.3 per cent compared to the 1,040 sales in July 2011. The benchmark price of an apartment property decreased 1.6 per cent from July 2012 to $368,300.

Attached property sales in July 2013 totaled 487, an increase of 27 per cent compared to the 384 sales in July 2012, and a 12.7 per cent increase from the 432 attached properties sold in July 2011. The benchmark price of an attached unit decreased 2.6 per cent between July 2012 and 2013 to $456,700.