The Greater Vancouver housing market experienced steady home sale, listing, and pricing trend for the month of August. The latest SnapStats reports that residential property listings in Downtown Vancouver, Vancouver West, Vancouver East, North Vancouver and West Vancouver reached 4,997 on the Multiple Listing Service® (MLS®) in August 2014. This represents a 7.41% decrease compared to the 5,397 listings recorded in July. Last month’s sales were totalled 1,106 in August and the sales is 10.2% below July of 1,231.
Market in Downtown Vancouver
The total number of properties currently listed for sale on MLS® system in Downtown Vancouver is 866 and 231 homes were sold in August. The inventory recorded in August 2014 is the same amount recorded at the same time last year. The number of listing properties has declined 6.9% compared to July 2014. The sales-to-inventory ratio currently sits at 26.67% average in the Sellers Market, which means 2.6 in 10 homes are selling. This states the 1.9% increased from 24.73% recorded in July.
The median sales price has decreased to $480,000 in August 2014, and the price is slightly below the average price in past 12 month. Homes are currently selling on the average of 4% below their listing price. The Most Active Price Range is in between $300,000 to $400,000 at 41% sales ratio as well as $1.75 million to $2 million at 19% sales ratio. The Sellers Best Bet is homes in Coal Harbour, Yaletown and up to 1 bedroom properties. The Buyers Best Bet is the following: Homes between $900,000 to $1 million; $5 million plus, Downtown Westend area and up to 1 bedrooms properties.
From the 13 Month Market Trend figure below, sales price in Downtown Vancouver has been decreasing since June 2014, and we see quick drop in Sellers Market but steady activity in Buyers Market in the August.
Source: SnapStats Metro Vancouver Edition August 2014, SnapStats Publishing Co.
Market in Vancouver West
Sales for both Detached and Attached properties in Vancouver West totalled 310 units out of 1,718 listings. This represents a 12.4% decrease in sales from July 2014, and Detached and Attached properties in westside have 17.9% average sales ratio. The Vancouver West Detached Market is facing Balanced Market at 16% sales ratio average. The Most Active Price Band in the Detached Market has shifted down to $1.25 to $1.5 million with 60% ratio and $2 to $2.5 million range with 33.3% sales ratio and Attached Market active price band has dropped to $400,000 to $500,000 range.
Market in Vancouver East
New listings in Vancouver East reached 1,022 units and sales are totalled 299 in August. Detached Market is facing Sellers Market with 33% sales ratio and the market is the most active at $700,000 to $800,000 with 72.73% sales ratio. The Homes are sold at $954,000 with average 1% below listing price. The sales price of Attached Market in Vancouver East has recorded $379,000, and homes are selling on average 3% below listing price. Attached Market is facing Sellers Market at 23% sales ratio, and the most active at $700,000 to $800,000 with 50% sales ratio.
Market in North Vancouver
Total properties listed in MLS® has become 769 units in North Vancouver in August, and 193 units were sold. The sales ratio has increased to 37.5%, and this shows a 0.6% increase compared to July 2014. The number of sold properties has been decreasing since April 2014 in North Vancouver Detached Market, and the Most Active Price Range in August has remained in between $800,000 to $900,000 with 83% sales ratio. The Attached Market is facing the Balanced Market and the sales ratio is at 18.4%, which shows 0.4% increase from July of 18%.
Market in West Vancouver
Detached Market is Balanced Market now with 15% sales ratio, and the Attached Market is facing Buyers Market with 12% sales ratio average in August. In Detached Market, the Most Active Price Band has shifted up to $1.75 million to $2 million band with 48% sales ratio and homes are selling on average 3% below list price. The Attached Market in West Vancouver is less active compared to July. The Market has remained to Buyers Market, and the Most Active Price Range has shifted down to $700,000 to $800,000 with 33.3% sales ratio.
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