The Metro Vancouver housing market experienced steady home sale, listing, and pricing trends for the month of August.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,771 on the Multiple Listing Service® (MLS®) in August 2014. This represents a 10.2% increase compared to the 2,514 sales recorded in August 2013, and a 9.5% decline compared to the 3,061 sales in July 2014.
“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 were 4.3% above the 10-year sales average for August of 2,658. The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver* is currently $631,600. This represents a 5% increase compared to August 2013.
“Broadly speaking, home prices in the region are continuing to experience modest, incremental gains,” Harris said.
New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,940 in August. This represents a 5.9% decline compared to the 4,186 new listings in August 2013 and a 20% decline from the new listings in July.
Last month’s new listing total was 8.4% below the region’s 10-year new listing average for the month