Greater Vancouver Housing Market – Current Statistics for June 2014
Here is a quick summary of what happened in the Vancouver real estate market during the month of June. 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 email@example.com
Bonjour dear Friends!
“Buyer demand increases while home prices edge up,” Ray Harris, REBGV president said. “The Greater Vancouver housing market enters the summer season with home buyer activity on the rise.”
Number of Sales: 3,406 or 28.9% increase compared to 2,642 sales recorded in June 2013. June had a 3.7% increase in sales compared to the 3,286 sales in May 2014. Last month’s sales were 0.6% above the 10-year sales average for June of 3,386.
Percent of Original List Price Received at Sales: 97.1%, which is 0.7% higher than June 2013 at 96.4%.
Sales-to-Active-Listings Ratio: 21.3%, a 44.2% increase from last year in June, which is the highest this measure has been since June 2011 and the second consecutive month over 20%. 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: 16,011, a decline of 7.4% compared to this time last year, and 0.4% decrease compared to May 2014. There were 5,339 homes listed for sale listing in Greater Vancouver last month, an increase of 9.5% compared to June 2013 and a 10.1% decline from the 5,936 new listings in May 2014.
Benchmark Price: $628,200, an increase of 4.4% over June 2013. Detached homes prices increased by 6.2% and condos increased by 2.4% over the last year.
Average Days on Market: 46 days vs 52 days in June 2013. If we take a closer look at Downtown, the average days on market was 22 days vs 24 days in May 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
Prices For Detached Homes Hit Record High In Greater Vancouver
The Real Estate Board of Greater Vancouver’s home price index for detached properties hit $976,700 in June, up 6.2 per cent from the same month in 2013. Read more
Drop In Mortgage Rates Giving Boost To B.C. Housing Market
The Central 1 Credit Union is predicting stronger home sales for the province’s housing market over the next few years, particularly in Metro Vancouver and northern B.C., as prices rise at a moderate rate. Read more
Vancouver Extends Building Bylaw. Again.
The City of Vancouver has extended the implementation of its controversial new Building Bylaw to next year, giving homebuilders and consumers time to adjust to what some builders call “onerous” regulations. Read more
Vancouver Luxury Home Sales Soar Though Not So Much For Duplexes
Luxury home sales were up 34% in Vancouver in the first half of 2014, according to Sotheby’s. Sales for Vancouver homes priced at $1 million or more soared in the first half of 2014 and are expected to “gain momentum” in the second half of the year, according to a report that Sotheby’s International Realty Canada released late July 7 Read more
What’s Behind The Canadian Dollar’s Strength?
It took a little while, but the Canadian dollar has managed to recover its year-to-date losses and return to the level it was at versus the U.S. dollar at the end of 2013. Read more
House Prices Expected To Rise Steadily In 2014: Royal LePage
Real estate company Royal LePage says big cities Toronto, Vancouver and Calgary are driving increases in national average home prices, while smaller cities had moremoderate gains. Read more
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. 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 June 2014 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