With so much sunshine in July, you would be forgiven for thinking that everyone would just be tanning on the beach, or away on vacation, alas no! People were purchasing real estate!
During the month of July 2013 – residential sales on the Greater Vancouver MLS reached 2,946. When we compare to the same month last year we see a 40.4% increase compared to the 2,098 sales recorded during July 2012. Compared to June 2013 we see an 11.5% increase from the 2,642 sales in June 2013!
“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.
During the month, we saw 4,854 new listings, compared to the same month during 2012, we see a 1.1% increase (4,802 listings during June 2012). Compared to June 2013 this figure represents a 0.4% decline (4,874 new listings in June 2012).
The number of active listings on the Vancouver MLS in Greater Vancouver is 16,618, which represents an 8.1% decrease from the same month last year (July 2012) and a 3.9% decrease from June 2013.
Sales to active listing ratio rose to 17.7% in Greater Vancouver. This is the highest the ratio has been since April 2012.
“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.”
1,249 properties were sold during July 2013, an increase of 59% from the same month last year, and 13.7% increase from the month of July 2011. Benchmark price for detached properties fell 3.1% from July 2012 to $920,500.
1,210 sales occurred during July 2013. An increase of 31% from the 927 apartments that changed hands in July 2012, and if we look back further we see a 13.7% increase from the 1,099 units sold in July 2011. Price decreased 1.6% from July 2012 to $368,300.
Attached property sales totalled 487 during July 2013, an increase of 27% compared to 384 sales during July 2012, and a 12.7% increase if we look back to July 2011 (432 sales). Benchmark price is sitting at $456,700, down 2.6% from July 2012.