Home sales decline below long-term averages and inventory remains low to start 2023 VANCOUVER,…
Greater Vancouver home sales trend toward buyers’ market over summer
August marked the third consecutive month that home sale activity in
Greater Vancouver was below the 10-year average for the month. In
contrast, home listing activity in the region has exceeded the 10-year
norm every month since the beginning of the year.
The Real Estate Board of Greater Vancouver (REBGV) reports that
residential property sales of detached, attached and apartment
properties on the region’s Multiple Listing Service® (MLS®)
reached 2,378 in August. This total represents an eight per cent
increase compared to the 2,202 sales in August 2010, but also ranks as
the third lowest total for August in the last 10 years.
“MLS® statistics continue to indicate that we’re in a balanced
market,” Rosario Setticasi, REBGV president said. “However, with a
sales-to-actives listings ratio of 15 per cent, Greater Vancouver is
in the lower end of a balanced market and has been trending toward a
buyers’ market over the past three months.”
New listings for detached, attached and apartment properties in
Greater Vancouver totalled 4,685 in August. This represents a 24.9 per
cent increase compared to August 2010 when 3,750 properties were
listed for sale on the MLS® and an eight per cent decline compared to
the 5,097 new listings reported in July 2011. Last month’s new
listing total was the highest volume recorded for August in 16 years.
At 15,437, the total number of residential property listings on the
MLS® increased 1.4 per cent in August compared to July 2011 and rose
0.1 per cent compared to this time last year.
The MLSLink® Housing Price Index (HPI) benchmark price for all
residential properties in Greater Vancouver over the last 12 months
has increased 8.5 per cent to $625,578 in August 2011 from $576,597 in
“Year over year, prices are up. However, in the detached home
category, benchmark prices have come down slightly in each of the past
two months,” Setticasi said. “It’s important for people entering
the market to understand that activity can differ significantly
depending on the area and property type.”
Sales of detached properties on the MLS® in August 2011 reached
1,020, an increase of 14.2 per cent from the 893 detached sales
recorded in August 2010, and a 25.4 per cent decrease from the 1,367
units sold in August 2009. The benchmark price for detached properties
increased 11.7 per cent from August 2010 to $888,243.
Sales of apartment properties reached 955 in August 2011, a 2.1 per
cent increase compared to the 935 sales in August 2010, and a decrease
of 34.8 per cent compared to the 1,464 sales in August 2009. The
benchmark price of an apartment property increased 5.6 per cent from
August 2010 to $407,457.
Attached property sales in August 2011 totalled 403, a 7.8 per cent
increase compared to the 374 sales in August 2010, and a 33.9 per cent
decrease from the 610 attached properties sold in August 2009. The
benchmark price of an attached unit increased 4.5 per cent between
August 2010 and 2011 to $511,433
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