It was a busy August for home listings in the Greater Vancouver region, but home buyers just didn’t feel like following the trend.
According to figures from the Real Estate Board of Greater Vancouver, homes sales declined 7.5 per cent in August, making it the third consecutive month that sales figures dipped below the ten-year monthly average.
New listings in August jumped by 25 per cent over August 2010 figures, totaling 4,685 in the Greater Vancouver region. This is the highest volume recorded over the past 16 years for August. Sales of single-family, townhouses, and apartments rose by 8 per cent last month, hitting 2,378. However, this is the third lowest total for August in a decade.
The average price for a typical home (the “benchmark” price) rose 8.5 per cent to $625,578. The largest price increases occurred in West Vancouver (up 26.7 per cent year-over-year) and Richmond (up 22.4 per cent).
“Greater Vancouver has been trending toward a buyers’ market over the past three months,” said Rosario Setticasi, president of the Real Estate Board of Greater Vancouver, in a news release.
Setticasi described the market as “balanced” but noted that Greater Vancouver is at “the lower end of a balanced market.”
Thus far, the strongest month of the year for home sales in Greater Vancouver was March with 4080 total MLS residential sales while in January only 1819 sales occurred. Where will the market go in the final four months of the year? We’ll just have to wait and find out…