August 2014 Market Stats and Info

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

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

-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

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

-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: