The Greater Vancouver housing market enters the summer season with home buyer activity on the rise. The latest SnapStats reports that residential property listings in Downtown Vancouver, Vancouver West, Vancouver East, North Vancouver and West Vancouver reached 5,556 on the Multiple Listing Service® (MLS®) in June 2014. This represents a 2.71% decrease compared to the 5,711 listings recorded in May. Last month’s sales were totalled 1,419 in June and the sales is 2.38% above May of 1,386.

Market in Downtown Vancouver 

The total number of properties currently listed for sale on MLS® system in Downtown Vancouver is 989 and 263 homes were sold in June. The new listing in June 2014 shows a 2.7% increase compared to June 2013, and a 1.4% decrease compared to May 2014. The sales-to-inventory ratio currently sits at 26.6% average in the Sellers Market, which means 2.6 in 10 homes are selling. This states the 3.16% increased from 23.4% recorded in May.

The median sales price has rapidly increased to $519,000 in June 2014, and the price is the highest this measure has been since June 2013. Homes are currently selling on the average of 1% below their listing price. The Most Active Price Range is in between $400,000 to $500,000 at 37% sales ratio as well as $1.5 million to $3.5 million at 28% sales ratio. The Sellers Best Bet is homes in Yaletown and up to 1 bedroom properties. The Buyers Best Bet is the following: Homes between $700,000 to $800,000; $3 million to $3.5 million, Coal Harbour area and minimum 4 bedrooms.

From the 13 Month Market Trend figure below, Sales Price in Downtown Vancouver has been increasing since June 2014, and we see a steady increase in Seller and Buyer activity in this Summer 2014.

Source: SnapStats Metro Vancouver Edition June 2014, SnapStats Publishing Co.

Market in Vancouver West

Sales for both Detached and Attached properties in Vancouver West totalled 410 units, which is the second highest in the last 12 months trends. This represents a 3.5% decrease in sales from May 2014, and Detached and Attached properties in West side has 22% average sales ratio. The Vancouver West Detached Market is facing Sellers Market at 22% sales ratio average. The Most Active Price Band in the Detached Market has shifted up to $1 to $1.5 million with 73% ratio and $2 to $2.5 million range with 36% sales ratio and Attached Market has shifted back from ‘$300,000 to $400,000’ to ‘$0 to $300,000’ range.

Market in Vancouver East 

New listings in Vancouver East reached 1,093 units and sales are totalled 356 in June. The number of sales in Attached Market in Vancouver East has recorded the highest in past 12 months trends. Detached Market is now facing Sellers Market with 38% sales ratio and the market is the most active at $600,000 to $700,000 with 67% sales ratio. The Homes are sold at $998,000 average, and the price is the highest since June 2013. Attached Market is also facing Sellers Market at 29% sales ratio, and the most active at $700,000 to $800,000 with 64% sales ratio.

Market in North Vancouver

Total properties listed in MLS® has become 947 units in North Vancouver in June, and 272 units were sold. The sales ratio has increased to 30.8%, and this shows a 3.9% increase compared to May 2014. The number of sold properties is the highest since June 2013 in North Vancouver Attached Market. The most active price range is in between $800,000 to $1,000,000 with 80% sales ratio in Detached Market. The Attached Market has changed from the Balanced Market to Sellers Market and the sales ratio is at 23%, which shows 3% increase from May of 20%.

Market in West Vancouver

The sales ratio for both Detached Market and Attached Market has increased in June, and both have more sales in their market in June. In Detached Market, the Most Active Price Band has shifted up to $2 million to $2.25 million band with 43% sales ratio, and the number of sold properties is the highest in last 12 months. We see steady increase in the number of properties sold. The Attached Market in West Vancouver is more active compared to May. The Market has changed to Balanced Market at 16% sales ratio and the most active at $800,000 to $900,000 with 33% sales.

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