How well do we stack up?
by Alan Skinner
Tuesday, July 29, 2014
I have decided this month to juxtapose a select portion of the Greater Vancouver results with those of the North Shore. Many colleagues of mine send their clients only this 'REBGV Stats Package' with the comments of the Board president. I believe that the aggregation of all the REBGV divisions can lead to assumptions being made that don't necessarily represent a specific division (e.g. our N/Shore). See how they compare (or not). I am often asked how we differ from others suburbs, so hope this is of interest.
TITLE : The Greater Vancouver housing market enters the summer season with home buyer activity on the rise.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,406 on the Multiple Listing Service® (MLS®) in June 2014.
This represents a 28.9% increase compared to the 2,642 sales recorded in June 2013, and a 3.7% increase compared to the 3,286 sales in May 2014.
Last month's sales were 0.6% above the 10-year sales average for June of 3,386. "Competition amongst home buyers today is as strong as it's been here since 2011," Ray Harris, REBGV president said. The sales/active-listings ratio now sits at 21.3% in Greater Vancouver, the highest this measure has been since June 2011.
"Over the last three years, we've seen changes in demand yet home prices at the regional level have remained relative stable" Harris said. "These numbers provide high level trends, but it's important to know that changes in prices vary depending on location and property type. Consult a local REALTOR® for information on trends in your area"
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,339 in June. This represents a 9.5% increase compared to the 4,874 new listings in June 2013 and a 10.1% decline from the 5,936 new listings in May. Last month's new listing count was 2.6% below the region's 10-year new listing average for the month.
The total number of properties currently listed for sale on the MLS® system in Greater Vancouver is 16,011, a 7.4% decline compared to June 2013 and a 0.4 % decrease compared to May 2014. Sales of detached properties in June 2014 reached 1,462, an increase of 32.7% from the 1,102 detached sales recorded in June 2013, and a 58.7% increase from the 921 units sold in June 2012.
Sales of apartment properties reached 1,308 in June 2014, up 22.5% compared to the 1,068 sales in June 2013, and a 27.5% increase compared to the 1,026 sales in June 2012.
Attached property sales in June 2014 totalled 636, a 34.7% increase compared to the 472 sales in June 2013, and a 53.3% increase over the 415 attached properties sold in June 2012 ..... end of REBGV stats.
So... now to our North Shore June figures for 2014 in comparison to 2013. North Van detached homes sold are up 18% from last year, attached (t/hses) up from last year by 17% and apartments up 21%. The detached average price is up 10% and inventory is down by 19% from 2013. Average prices up 1% for both (t/hses) and (apts). Inventory (t/hses) down 20% from Jun 30th 2013 and (apt) up17% from last year for the same date.
In West Van, detached number of sales YTD for 2014 is now up by 25% from Jun 30th 2013. Average price of what has sold is up 8% from last year and inventory now down 11% from Jun 30th 2013. On the condo side - attached (t/hses) sold 2014 are up from 2013 at 32 vs. 28 units with a 7% decrease in average price. Active listings are down year over year from Jun 30th 2013 by 15% (50 vs. 59). Apartments reflect 67 sold in 2014 vs. 68 in 2013 with average price up 5% from May 31st 2013 and active listings 3% up from Jun 30th 2013.
On balance, we on the North Shore appear a touch weaker residential demand-wise. However our average prices are higher than most areas, bar the West Side. The first half of this year is nevertheless showing a steady improvement month over month.
Do view the 'SnapStats' (what price ranges are selling and which are not) that is sent to subscribers earlier in the month, to see the differences between areas. I'm now forwarding the past 12 month trend for not only N and W/Van but ALL available metro Vancouver neighbourhoods, as many requested. If any locations are not of interest, please ignore those areas.
Contact me with any market enquiries and remember I would be pleased to assist you with the selling or buying of your home or investment property! Visit the website to see and "hear" the new developments.I'm committed to keeping you... www.OnTopOfTheMarket.ca - the "go to" site for N/S R/Estate analysis and jump-off point for FULL market information.
Join those wishing to get the e-mail version of the "Update" and SnapStats - send a request to firstname.lastname@example.org; phone (604) 626-2526 or visit either/both www.OnTopOfTheMarket.ca and www.HomesOfProvenance.com and you'll be added.