Greater Vancouver Housing Market – Current Statistics for August 2014
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 neighborhoods-level sales and price statistics, please give me a call at 778-558-9948 or email me at firstname.lastname@example.org
Bonjour dear friends!
Can you believe it? We are already in September. What a great summer we had.
I don’t know about you but I feel that September is like January. It’s the “beginning” of the work season again and I personally think that this is exciting! This is the time to check our goals and execute the plan to achieve our vision. How does that look for you? Are you already well on your way to overachieve them?
As you will see below, the summer was great for Real Estate. It was an active summer. I expect to see great results for the fall season as well. The interest rates are still very low, the BC economy looks stable and the consumer sentiment is in good shape. Generally speaking, we are in a balanced market, which means Sellers and Buyers can meet their expectations at a satisfactory level. It’s a good time to Buy or Sell. Please note that the trends are extremely local and that the market conditions can change depending on the target areas and neighborhoods. I will be happy to assist you with pertinent and useful information anytime you need the “edge”.
In addition, I have something new for you. The SnapStats BONUS Report to get the Historic Annual Statistics, 2013 Monthly Statistics and 2014 Monthly Statistics. To access it, please give me a call at 778-558-9948 or email me at email@example.com
Do you like surprise? Yes? Well, in the next few weeks, I will unveil my new website and new branding. I am going to the next level and you will have access to great tools such as Private Client Services that will help you find listings 24-48 hours before the general public. Stay tuned! I would like to thank my friends, clients and past clients for the feedback they gave me during the branding exercise. Your input was extremely valuable. Now enjoy the stats!
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.
Number of Sales: 2,771 or 10.2% increase compared to 2,514 sales recorded in August 2013, and a 9.5 per cent decline compared to the 3,061 sales in July 2014. Last month’s sales were up 4.3% above the 10-year sales average for August of 2,658.
Percent of Original List Price Received at Sales: 96.3%, which is 1% higher than August 2013 at 95.3%.
Sales-to-Active-Listings Ratio: 18.6%. This ratio has ranged between 18 and 21 per cent over the last seven months, which is a typical percentage for balanced market conditions. An upward pressure on price occurs when the sales-to-active-listings ratio is around 20-22% in a particular community for a sustained period of time.
Total Inventory: 14,768, a decline of 7.9% compared to this time last year, and a 5.4% decrease compared to July 2014. There were 3,940 homes listed for sale listing in Greater Vancouver last month, a decline of 5.9% compared to August 2013 and a 20% decline from 4,925 new listings in July 2014. Last month’s new listing total was 8.4 per cent below the region’s 10-year new listing average for the month.
Benchmark Price: $631,600, an increase of 5% over August 2013. Detached homes prices increased 6.6% from August 2013 to $984,300 and condos increased by 3.6% over the last year. “Broadly speaking, home prices in the region are continuing to experience modest, incremental gains,” Ray Harris, REBGV President said.
Average Days on Market: 54 days vs 58 days in August 2013. If we take a closer look at Downtown, the average days on market was 31 days in August 2014 vs 30 days in July 2014. As you see, the stats vary from market to market and even from neighborhood to neighborhood. Furthermore, a condo tower can reflect different market status vs another tower as each building is a neighborhood in itself. For more information about your neighborhoods-level sales and price statistics, I strongly encourage you to download the latest SnapStats Report.
REAL ESTATE & ECONOMIC NEWS | HOME & DESIGN
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Vancouver Single-Family Detached Homes Hit Record High Prices
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Vancouver Housing Starts up 11% in August, Says CMHC
Housing starts in the Vancouver Census Metropolitan area were trending at 20,271 units in August Read more
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A 30-foot wall of storage frees up cooking areas and counters for food prep and entertaining Read more
How to Sell Your Home Fast & Use SnapStats?
Price it right! I constantly used the SnapStats report to check the Price Band Sales Ratios of the homes listed in the market as well as the Sales Ratio of the neighborhoods because it helps Sellers and Buyers identify the price pressure of the properties they want to Sell or Buy.
It is in my own opinion that PRICING is the most important factor in selling your property. No matter what time of year you want to sell, as long as your home is priced well, it should sell.
The best way to understand your local market trends and get your home sold is to contact your Real Estate agent. Vancouver is a great Real Estate market with Buyers ready to buy. Thinking of selling? Don’t wait, contact me and sell it now!
SNAPSTATS REPORT – NEW BONUS REPORT!
Get the SnapStats report and discover the specific trends in your neighborhood for Vancouver Downtown, Vancouver Westside, Vancouver Eastside, North Vancouver, West Vancouver and Richmond. The statistics from GRD are also included covering Burnaby, New Westminster, Coquitlam, Port Coquitlam, Port Moody, Pitt Meadows and Maple Ridge. Remember to check the feature “Sale Price SQFT” Feel free to pass along to your friends and family!
BONUS REPORT HERE: Get the Historic Annual Statistics, 2013 Monthly Statistics and 2014 Monthly Statistics.
To access the complete SnapStats report (PDF) for the month of August 2014 & Bonus Report for your specific neighborhood and area, please give me a call at 778-558-9948 or email me at firstname.lastname@example.org
How to Read The Report? The SnapStats report will give valuable information and the answer the following questions:
What is the sales ratio of where I live or where I want to live?
What is the trend on inventory, price and number of sold properties for the last 13 months?
Who can help me better determine my market value and help me use SnapsStats to my advantage? FRANCIS!
***Sales Ratio over 21% is considered a Seller Market
***Sales Ratio of below 14% is officially a Buyer market