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:
-Total inventory down 25%
-Median sales price up 10% to $967,600
-Total inventory down 31.8%
-Median sales price up 1.8% to $602,450
-Total inventory down 3.9%
-Median sales price up 10.4% to $360,000
And for Vancouver's west side:
-Total inventory down 5%
-Median sales price up 3.5% to $2,380,000
-Total inventory down 2.8%
-Median sales price up 7.4% to $798,000
-Total inventory down 1.2%
-Median sales price up 0.3% to $490,000
Here's the snapshot: