Hi Everyone,

As our summer still seems to be going strong, spare a thought for our friends in Calgary, who are blanketed in snow!  It looks like they'll get their summer back early next week.

Taking a look back at the Greater Vancouver real estate market for August, activity is tracking close to the 10-year averages for the month.

“Activity this summer has been strong but not unusual for our region,” Ray Harris, REBGV president said. “The volume of home sales has been higher than we’ve seen in the last three years, yet below the record-breaking levels of the past decade.”

Last month’s sales of 2,771 homes were 4.3% above the 10-year sales average for August of 2,658.

Looking specifically at Vancouver, the same trend of slightly lower inventory and moderate increases in the median sales prices continues, comparing August 2014 to August 2013.

Here are the East Van numbers, comparing August 2014 to August 2013:
Detached homes:
-Total inventory down 23.8%
-Median sales price up 3.4% to $954,800

Townhouses/Duplexes:
-Total inventory down 29.5%
-Median sales price up 23.8% to $654,890

Apartments:
-Total inventory down 4.9%
-Median sales price up 9.9% to $355,000

And for Vancouver's west side:
Detached homes:
-Total inventory down 5.3%
-Median sales price up 11.1% to $2,400,000

Townhouses/Duplexes:
-Total inventory down 9.9%
-Median sales price up 1.4% to $745,000

Apartments:
-Total inventory down 7.7%
-Median sales price down 1% to $477,900

In East Van, the months supply of inventory has increased slightly from July, but all market segments remain in Seller's market territory.  For Vancouver's westside, we are seeing more balanced market conditions.

Here's the snapshot:

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Hi Everyone,

I trust you have all had (are having) a fantastic summer?  The sun seems to have kept a lot of people in town and shopping for real estate, so my apologies for getting this out to you a little late!  I will be back soon with the August results.

The Real Estate Board of Greater Vancouver (REBGV) reports that, "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." 

That translates into a 3.9% increase in sales in July 2014, compared to July 2013 for the Greater Vancouver area with 3,061 sales recorded.

"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.”

Last month’s sales were 3.8% above the 10-year sales average for July of 2,948.

Looking specifically at Vancouver, the trend of lower overall inventory and slightly higher median sales prices continues, when comparing July 2014 to July 2013.  East Van, specifically, is sitting in a strong Seller's market.  Detached houses on the east side finished out July with just 2.9 months supply of inventory.  Many buyers out there are finding themselves competing to purchase their new home.

Here are the East Van numbers, comparing July 2014 to July 2013:
Detached homes:
-Total inventory down 25%
-Median sales price up 10% to $967,600

Townhouses/Duplexes:
-Total inventory down 31.8%
-Median sales price up 1.8% to $602,450

Apartments:
-Total inventory down 3.9%
-Median sales price up 10.4% to $360,000

And for Vancouver's west side:
Detached homes:
-Total inventory down 5%
-Median sales price up 3.5% to $2,380,000

Townhouses/Duplexes:
-Total inventory down 2.8%
-Median sales price up 7.4% to $798,000

Apartments:
-Total inventory down 1.2%
-Median sales price up 0.3% to $490,000

Here's the snapshot: