July home sale activity increases in
Greater Vancouver
Sunny weather did not
slow the pace of home sale activity in July. Last month was the highest
selling month of the year in Greater Vancouver and the highest selling
July since 2009.
The Real Estate Board
of Greater Vancouver (REBGV) reports that residential property sales in
Greater Vancouver reached 2,946 on the Multiple Listing Service® (MLS®)
in July 2013. This represents a 40.4 per cent increase compared to the
2,098 sales recorded in July 2012, and an 11.5 per cent increase compared
to the 2,642 sales in June 2013.
Last month’s sales
were 0.1 per cent above the 10-year sales average for the month.
“Demand has
strengthened in our market in the last few months, which can, in part, be
attributed to pent-up demand from the slowdown in sales activity we saw
at the end of last year,” Sandra Wyant, REBGV president said.
New listings for
detached, attached and apartment properties in Greater Vancouver totalled
4,854 in July. This represents a 1.1 per cent increase compared to the
4,802 new listings reported in July 2012 and a 0.4 per cent decline from
the 4,874 new listings in June of this year.
The total number of
properties currently listed for sale on the MLS® in Greater Vancouver is
16,618, which is an 8.1 per cent decrease compared to July 2012 and a 3.9
per cent decline from June 2013.
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.
“Home prices continue
to experience considerable stability with minimal fluctuation throughout
much of this year,” Wyant said. “This stability in price brings greater
certainty to the home buying and selling process.”
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 totalled 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.
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