Metro Vancouver home sales saw an increase of between 25 and 30 per cent above the 10-year average between the months of June and August, according to the Real Estate Board of Greater Vancouver (REBGV).
There were 3,362 residential property sales in Metro Vancouver through the Multiple Listing Service (MLS) in August of this year, a 21.3-per-cent increase from the 2,771 sales in August 2014. However, sales decreased by 15.5 per cent compared to the 3,978 sales in July 2015.
Home sales in August 2015 were up 27.9 per cent above the 10-year average for the month. “There was no summer lull in our market this year. Home buyers have been working with their realtors throughout the summer months,” said Darcy McLeod, president of REBGV, in a press release. “They’re motivated, but they’re competing for a smaller supply of homes for sale than is typical for this time of year. That’s the dynamic driving our market right now.”
New listings increased by 8.7 per cent year-over-year to 4,281 detached, attached and apartment properties available in Metro Vancouver. The total number of properties currently listed on MLS is 10,897, a 26.2-per-cent drop year-over-year and 5.3 per cent less than the previous month.
“Those who have a sound buying strategy and an understanding of current price trends are having the most success in today’s market,” said McLeod.
The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver currently sits at $708,500, a 12-per-cent increase over August 2014.
The sales-to-active listings ratio was over 30 per cent for the sixth consecutive month, sitting at 30.9 per cent for August.
Sales of detached properties in August 2015 grew 11.4 per cent to 1,290, up from the 1,158 in August 2014 and 1,052 in August 2013. The benchmark price for a detached property in Metro Vancouver increased by 17.5 per cent year-over-year to $1,159,600.
Sales of apartment properties increased 32.7 per cent to 1,494 last month, compared to the 1,126 sales during the same period last year. The benchmark price of an apartment property grew 6.3 per cent year-over-year to $405,400.
There were 578 attached property sales in August 2015, an increase of 18.7 per cent over the 487 sales during the same period last year, as the benchmark price of this property type increased 7.3 per cent to $511,500 over the same period last year.
