The home sale activity in the Greater Vancouver Area was below the ten-year average in June and July, and according to a Real Estate Board of Greater Vancouver (REBGV) report, the numbers didn’t change in August either. Home listings results, on the other hand, exceeded the norm again.
With the total of 2,378 residential property sales of apartment, semi-detached, and detached properties from the region’s Multiple Listing Service®, this year’s results show an 8 per cent increase compared to the 2,202 sales recorded in August 2010. According to Rosario Setticasi, REBGV president, despite the increase, Greater Vancouver’s sales-to-actives listings ratio of 15 per cent is in the lower end of a balanced market and has been trending toward a buyers’ market over the past three months.
Detached Properties sales (1,020 units) experienced a 14.2 per cent increase compared to August 2010 (893 units), and a 25.4 per cent decrease compared to August 2009 (1,367 units). The benchmark price increased 11.7 per cent from August 2010 to $888,243. Apartment property sales (955) increased 2.1 per cent compared to August 2010 (935), and decreased 34.8 per cent compared to August 2009 (1,464). The benchmark price increased 5.6 per cent from August 2010 to $407,457. Attached property sales (403 units) experienced a 7.8 per cent increase compared to August 2010 (374 units), and a 33.9 per cent decrease compared to August 2009 (610 units). The benchmark price increased by 4.5 per cent since August 2010 to $511,433.
This year’s August new listings for apartment, semi detached, and detached properties totalling 4,685 in August are a 24.9 per cent increase from the 3,750 properties listed in August 2010 and an 8 per cent decline from the 5,097 listed in the previous month.