Greater Vancouver Housing Market – Current Statistics for July 2014
Here is a quick summary of what happened in the Vancouver real estate market during the month of July. 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!
The Greater Vancouver housing market continues to see slightly elevated demand from home buyers, steady levels of supply from home sellers and incremental gains in home values depending on the area and property type.
“This is the fourth consecutive month that the Greater Vancouver market has exceeded 3,000 sales,” Darcy McLeod, REBGV president-elect said. “Prior to this, our market had not surpassed the 3,000 sale mark since June of 2011.”
“Today’s activity continues to put Metro Vancouver in the upper reaches of a balanced real estate market,” McLeod said.
Number of Sales: 3,061 or 3.9% increase compared to 2,946 sales recorded in July 2013, and a 10.1 per cent decline compared to the 3,406 sales in June 2014. Last month’s sales were up 3.8% above the 10-year sales average for July of 2,948.
Percent of Original List Price Received at Sales: 97.0%, which is 0.9% higher than July 2013 at 96.1%.
Sales-to-Active-Listings Ratio: 19.6%. This ratio has ranged between 18 and 20 per cent over the last four months. 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: 15,617, a decline of 6% compared to this time last year, and a 2.5% decrease compared to June 2014. There were 4,925 homes listed for sale listing in Greater Vancouver last month, an increase of 1.5% compared to July 2013 and a 7.8% decline from 5,339 new listings in June 2014.
Benchmark Price: $628,600, an increase of 4.4% over July 2013. Detached homes prices increased 6.5% from July 2013 to $980,500 and condos increased by 3.4% over the last year.
Average Days on Market: 50 days vs 56 days in July 2013. If we take a closer look at Downtown, the average days on market was 30 days in July 2014 vs 22 days in June 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.
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How to Sell Your Home Fast & Use SnapStats?
Price it right! As I previously mentioned in my newsletters of the past few months, a well-priced property is the most effective can sell really fast. 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. Also, since the turn of the millennium, the seasonal decline pattern in July has changed. The volume of home sales in July is 35% higher in the decade of 2005-2014 vs 1990-1999.
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 in the summer? Don’t wait, contact me and sell it now!
Not only you get the SnapStats report on Vancouver Downtown, Vancouver Westside, Vancouver Eastside, North Vancouver, West Vancouver and Richmond but also you get statistics from GRD including Burnaby, New Westminster, Coquitlam, Port Coquitlam, Port Moody, Pitt Meadows and Maple Ridge. Also, check out the new feature “Sale Price SQFT” Feel free to pass along to your friends and family!
To access the complete SnapStats report (PDF) for the month of July 2014 for your specific neighborhood and area, please give me a call at 778-558-9948 or email me at email@example.com
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