Greater Vancouver Housing Market – Current Statistics for August 2013
Here is a quick summary of what happened in the Vancouver real estate market during the month of August. If you would like a complimentary copy of the complete report, including neighbourhood-level sales and price statistics, please give me a call at 778-558-9948 or email me at firstname.lastname@example.org.
Number of sales: 2,514 or 52.5% increase compared to 1,649 sales recorded in August 2012. August had 14.7% decline in sales compared to the 2,946 sales in July 2013. Sales are still 4.6% lower when we take a look at the 10 years sales average.
Percent of original list price received at sales: 95.3%, which is 1% higher than August 2012 at 94.3%.
Sales-to-active-listings ratio: 16% vs 9% in August 2012 and the 6th consecutive month over 15%. An upward pressure on price occurs when the sales-to-active-listings ratio is around 20-22%. The market is currently at a balanced level and a lot stronger compared to the Buyer market experienced last year in August.
Total inventory: 15,577 compared to 18,263 last year in August, a 13.69% decrease.
Average days on market: 58 days vs 56 days in August 2012, which is still far better than January 2013 with an average of 75 days on the market and close to the average of 52 days in June 2013 just before we entered the summer months.
Overall, the summer was great and busy. The interest rates went up by 80 basis points since June 2013 and Buyers were ready to buy in order to use their pre-approved rates below the 3% mark.