Here are the latest real estate statistics for both Greater Vancouver & The Fraser Valley. If you would like a copy of the full stats package email me at: firstname.lastname@example.org
REAL ESTATE BOARD OF GREATER VANCOUVER
Housing market activity follows 10-year August averages
The Metro Vancouver housing market experienced steady home sale, listing, and pricing trends for the month of August.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,771 on the Multiple Listing Service® (MLS®) in August 2014. This represents a 10.2 per cent increase compared to the 2,514 sales recorded in August 2013, and a 9.5 per cent decline compared to the 3,061 sales in July 2014.
“Activity this summer has been strong but not unusual for our region,” Ray Harris, REBGV president said. “The volume of home sales has been higher than we’ve seen in the last three years, yet below the record-breaking levels of the past decade.”
Last month’s sales were 4.3 per cent above the 10-year sales average for August of 2,658.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver* is currently $631,600. This represents a 5 per cent increase compared to August 2013.
“Broadly speaking, home prices in the region are continuing to experience modest, incremental gains,” Harris said.
New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,940 in August. This represents a 5.9 per cent decline compared to the 4,186 new listings in August 2013 and a 20 per cent decline from the 4,925 new listings in July. Last month’s new listing total was 8.4 per cent below the region’s 10-year new listing average for the month.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,768, a 7.9 per cent decline compared to August 2013 and a 5.4 per cent decrease compared to July 2014.
Sales of detached properties in August 2014 reached 1,158, an increase of 10.1 per cent from the 1,052 detached sales recorded in August 2013, and an 85.6 per cent increase from the 624 units sold in August 2012. The benchmark price for detached properties increased 6.6 per cent from August 2013 to $984,300.
Sales of apartment properties reached 1,126 in August 2014, an increase of 10.6 per cent compared to the 1,018 sales in August 2013, and a 55.3 per cent increase compared to the 725 sales in August 2012. The benchmark price of an apartment property increased 3.6 per cent from August 2013 to $379,200.
Attached property sales in August 2014 totalled 487, a 9.7 per cent increase compared to the 444 sales in August 2013, and a 62.3 per cent increase over the 300 attached properties sold in August 2012. The benchmark price of an attached unit increased 3.9 per cent between August 2013 and 2014 to $474,900.
Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.
FRASER VALLEY REAL ESTATE BOARD
August market typical for Fraser Valley real estate
SURREY, BC – Even with a characteristic seasonal dip in sales, the Fraser Valley real estate market experienced its best August since 2011 with volumes improving over last year and finishing 10 per cent below the 10‐year average for the month.
The Fraser Valley Real Estate Board processed 1,302 sales on the Multiple Listing Service® (MLS®) in August, an increase of 3 per cent compared to the 1,258 sales during the same month last year and a decrease of 19 per cent compared to the 1,615 sales in July.
Ray Werger, president of the Board, says, “As usual, we saw a typical summer slowdown in August compared to July, however like every month so far in 2014, August sales were higher than last year. It’s the continuation of the story we’ve seen all year; a return to a normal, balanced market.”
The Board added 2,382 new properties to the MLS® in August, an increase of 1 per cent compared to August of last year and a decrease of 13 per cent compared to July. August finished with 9,403 active listings, a decrease of 7 per cent compared to what was available during the same month last year.
Werger adds, “Generally in August, we saw sales of single family detached homes continue to outpace sales of townhouses and condos in the Fraser Valley. Depending on what property type you’re thinking of listing or buying, talk to your REALTOR® who will explain that the markets for detached and attached homes are quite different. We have only five months’ supply of detached homes currently and nine months’ supply of condos.
“With interest rates as competitive as they are combined with the increase of affordable, new townhome developments in Cloverdale and Langley in particular, we’re seeing first‐time buyers bypass the condo phase to jump immediately to a larger, more expensive townhouse or a smaller single family home.”
The MLS® Home Price Index benchmark price of a single family detached house in the Fraser Valley in August was $569,800, an increase of 3.4 per cent compared to $551,000 in August 2013.
For townhouses, the benchmark price in August was $298,500 on par with the August 2013 price of $298,200. The benchmark price of apartments in Fraser Valley in August was $196,700, a decrease of 3.5 per cent compared to $203,900 in August 2013.
The Fraser Valley Real Estate Board is an association of 2,744 real estate professionals who live and work in the BC communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission. The FVREB marked its 90‐year anniversary in 2011.