I hope you have all been enjoying this wonderful summer!
And to keep the smiles on your faces, we have sunny news to report in the Vancouver real estate market for July. Looking at the whole of the Greater Vancouver area, home sale activity in July was the highest selling month of the year, and the highest selling July since 2009. We usually see a bit of a 'summer slow-down' in real estate, but this year July has bucked that trend.
Sales volume was up 40.4% compared to July 2012, and 11.5% compared to June 2013. It is also the first time in about a year that sales volume has hit the 10-year sales average for the month (it was actually .1% above - we'll take it).
“Demand has strengthened in our market in the last few months, which can, in part, be attributed to pent-up demand from the slowdown in sales activity we saw at the end of last year,” Sandra Wyant, REBGV president said.
Looking specifically at the Vancouver markets, July figures show that we are in a seller's market in East Vancouver across all of the three property types (detached, attached and apartments), while the westside is sitting in more balanced market conditions.
Home prices remain fairly stable, with the biggest changes coming from Vancouver's westside. The median sale prices for detached properties and condos are up 10% and 8.4% respectively compared to July 2012. The median price for attached properties (townhouses and duplexes) are down .4% compared to July 2012.
On the eastside, it was only the detached properties that posted a gain in the median sales price by 3.2% compared to July 2012. Attached properties and condos were down .2% and 1.4% respectively, when compared to July 2012.
Overall, prices in the GVRD are down 2.3% compared to the same time last year, but have increased 2.3% over the last six months.
“Home prices continue to experience considerable stability with minimal fluctuation throughout much of this year,” Wyant said. “This stability in price brings greater certainty to the home buying and selling process.”
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