July Market Review

Home Buyers Continue To Slightly Outpace Sellers, But Not By Much

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,061 on the MLS® in July 2014. This represents a 3.9% increase compared to July 2013, and a 10.1% decline compared to the 3,406 sales in June 2014.
“This is the fourth consecutive month that the Greater Vancouver market has exceeded 3,000 sales,” REBGV president-elect said. “Prior to this, our market had not surpassed the 3,000 sale mark since June of 2011.” 

Last month’s sales were 3.8% above the 10-year sales average for July of 2,948. “Today’s activity continues to put Metro Vancouver in the upper reaches of a balanced real estate market,” president-elect said. The sales-to-active-listings ratio currently sits at 19.6% in Metro Vancouver. This ratio has ranged between 18 and 20% over the last four months.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,925 in July. This represents a 1.5% increase compared to July 2013 and a 7.8%decline from the 5,339 new listings in June.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 15,617, a 6% decline compared to July 2013 and a 2.5% decrease compared to June 2014.

Sales of detached properties in July 2014 reached 1,322, an increase of 5.8% from the 1,249 detached sales recorded in July 2013, and a 68% increase from the 787 units sold in July 2012.

Sales of apartment properties reached 1,212 in July 2014, an increase of 0.2% compared to July 2013, and a 30.7% increase compared to the 927 sales in July 2012.

Attached property sales in July 2014 totalled 527, an 8.2% increase compared to July 2013, and a 37.2% increase over the 384 attached properties sold in July 2012