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Market Update: August 2014 Stats

Under Coal Harbour Real Estate

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Written on August 8th, 2014

The Greater Vancouver housing market continues to see slightly elevated demand from buyers and steady levels of supply from sellers. The latest SnapStats reports that residential property listings in Downtown Vancouver, Vancouver West, Vancouver East, North Vancouver and West Vancouver reached 5,397 on the Multiple Listing Service® (MLS®) in July 2014. This represents a 2.86% decrease compared to the 5,556 listings recorded in June. Last month’s sales were totalled 1,231 in July and the sales is 13.2% above June of 1,419.

 

Market in Downtown Vancouver 

The total number of properties currently listed for sale on MLS® system in Downtown Vancouver is 930 and 230 homes were sold in July. The new listing in July 2014 shows a 0.5% decrease compared to July 2013, and a 5.9% decrease compared to June 2014. The sales-to-inventory ratio currently sits at 24.7% average in the Sellers Market, which means 2.4 in 10 homes are selling. This states the 1.9% decreased from 26.6% recorded in June.

 

The median sales price has rapidly decreased to $498,750 in July 2014, and the price is around the average price in past 12 month. Homes are currently selling on the average of 6% below their listing price. The Most Active Price Range is in between $0 to $300,000 at 40.48% sales ratio as well as $1.5 million to $1.75 million at 23.81% sales ratio. The Sellers Best Bet is homes in Westend, Yaletown and up to 1 bedroom properties. The Buyers Best Bet is the following: Homes between $800,000 to $900,000; $1.75 million to $2 million, Coal Harbour area and 3 bedrooms properties.

 

From the 13 Month Market Trend figure below, sales price in Downtown Vancouver has been decreasing since July 2014, and we see quick drop in Seller and Buyer activity in the end of summer.

 

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

 

Market in Vancouver West

Sales for both Detached and Attached properties in Vancouver West totalled 350 units from 1850 listings. This represents a 14.6% decrease in sales from July 2014, and Detached and Attached properties in west side has 18.7% average sales ratio. The Vancouver West Detached Market is facing Balanced Market at 17% sales ratio average. The Most Active Price Band in the Detached Market has shifted up to $1.5 to $1.75 million with 51.52% ratio and $2.5 to $2.75 million range with 30% sales ratio and Attached Market has shifted up to $1.5 million to $1.75 million range.

 

Market in Vancouver East 

New listings in Vancouver East reached 1,049 units and sales are totalled 344 in July. Detached Market is facing Sellers Market with 36% sales ratio and the market is the most active at $800,000 to $900,000 with 65.5% sales ratio. The Homes are sold at $969,000 average, and the price is the second highest since July 2013. The sales price of Attached Market in Vancouver East has recorded $395,000 which is also the second highest in past 12 months trends. Attached Market is facing Sellers Market at 30% sales ratio, and the most active at $600,000 to $700,000 with 59% sales ratio.

 

Market in North Vancouver

Total properties listed in MLS® has become 891 units in North Vancouver in July, and 218 units were sold. The sales ratio has increased to 27.5%, and this shows a 3.3% decrease compared to June 2014. The number of sold properties is the second highest since July 2013 in North Vancouver Attached Market. The most active price range is in between $800,000 to $900,000 with 100% sales ratio in Detached Market. The Attached Market has changed back to the Balanced Market and the sales ratio is at 18%, which shows 4.9% dropped from June of 22.9%.

 

Market in West Vancouver

Both Detached Market and Attached Market is now facing Buyers Market with 13% sales ratio average in July. In Detached Market, the Most Active Price Band has shifted down to $1.25 million to $1.5 million band with 27% sales ratio, and the number of sold properties is the second highest in last 6 months. The Attached Market in West Vancouver is less active compared to June. The Market has changed to Buyers Market and the most active range has remained at $800,000 to $900,000 with 33% sales.

 

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