Elizabeth Wilson
Other
Greater Vancouver residential sales in July passed the 3,000 mark for the fourth month running, and were up nearly 4% year over year, according to the latest statistics from the Real Estate Board of Greater Vancouver (REBGV).
“This is the fourth consecutive month that the Greater Vancouver market has exceeded 3,000 sales,” said REBGV president-elect Darcy McLeod. “Prior to this, our market had not surpassed the 3,000 sale mark since June of 2011.”
It has been a hot month in more ways than one, with a sales-to-active-listing ratio of 19.6 per cent – the very top of balanced-market territory – and sales 3.8 per cent above the 10-year average.
Sales and Listings
Following the typical seasonal pattern, sales were down from June, which proved to be the high point of the year so far, with 3,406 home sales. However July’s 3,061 sales were 3.9 per cent higher than those of July 2013. And that’s saying something, because last July was the highest-selling month of 2013 and the highest-selling July since 2009.
Of the properties for sale, 1,322 were detached houses, 527 were attached (townhouses or duplexes) and 1,212 were apartments.
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What’s Up, What’s Down — At a Glance |
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July/ June 2014 |
July 2014 / July 2013 |
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Overall Sales |
-10.1% |
+3.9% |
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– Detached |
-9.4% |
+5.8% |
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– Townhome |
-17.1% |
+8.2% |
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– Apartment |
-7.3% |
+0.2% |
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New Listings |
-7.8% |
+1.5% |
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Current Listings |
-2.5% |
-6% |
July was the third consecutive month of lower new listings, with 5,339 homes coming on the market. With fewer new listings and lively sales, the active listings also declined to 15,617 from June’s 16,011. Sales divided by active listings gives us the sales-to-active-listings ratio of 19.6 per cent. It’s spent the last four months hovering around 20 per cent. If it tops that magic number consistently, we will have reached a seller’s market, but for now we’re at the top of a balanced market.
Benchmark Price (MLS® Home Price Index)
Benchmark prices (a calculation of the value of a typical home for the neighbourhood) have been creeping up steadily since a dip in 2012, as the MLS Home Price Index shows. The index’s starting point is 100, the value given to home prices in January of 2005.
Detached house prices reached record levels in May of this year, and have continued to climb, month by month. House prices are now 6.5 per cent higher than they were in July of 2013, when the benchmark was pegged at $920,500. That’s a $60,000 difference.
It’s different from place to place within the Real Estate Board of Greater Vancouver region, of course, but looking at the one-year changes broken down by community, single-family detached houses have appreciated everywhere, from 2.7 per cent in Pitt Meadows to 10.3 per cent in East Vancouver.
Townhouse prices have appreciated since last July everywhere except Maple Ridge, where they’ve decreased by 2.1 per cent. The biggest price rise for townhouses has been in Vancouver West, where prices have risen by 10.2 per cent since last July.
Condo prices have also generally appreciated over the year, except in Maple Ridge, Squamish and Whistler – all communities where there’s a lot of choice in affordable townhouses and houses. Burnaby East has seen the biggest boost in resale condo prices: 11.7 per cent.
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Greater Vancouver MLS® Benchmark Prices % Change |
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July 2014 |
June 2014 |
July 2013 |
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Detached |
$980,500 |
+0.4% |
+6.5% |
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Townhome |
$472,400 |
+0.3% |
+3.4% |
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Apartment |
$376,500 |
-0.4% |
+2.2% |
© 2014 Real Estate Weekly