Home sale activity remained below long-term averages in the Greater Vancouver housing market in August.
The Real Estate Board of Greater Vancouver reports that residential property sales of detached, attached and apartment properties reached 1,649 in August, a 30.7 per cent decline compared to the 2.378 sales in August 2011 and a 21.4 per cent decline compared to the 2,098 sales in July 2012.
August sales were the second lowest total for the month in the region since 1998 and 39.2 per cent below the 10-year August sales average of 2,711.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,044 in August. This represents a 13.7 per cent decline compared to August 2011 when 4,685 properties were listed for sale on the MLS and a 15.8 per cent decline compared to the 4,802 new listings in July 2012.
The MLSLink Housing Price Indes (HPI) composite benchmark price for all residential properties in Greater Vancouver is $609,500. This represents a decline of 0.5% compared to this time last year and a decline of 1.1% compared to last month.
Sales of detached properties on the MLS inAugust 2012 reached 624, a decrease of 38.8% from 1,020 detached sales recorded in August 2011, and a 30.1% decrease from the 893 units sold in August 2010. The benchmark price for detached properties increased 0.2% from August 2011 to $942,100.
Sales of apartment properties reached 725 inAugust 2012, a 24.1% decrease compared to the 955 sales in August 2011, and a decrease of 22.5% compared to the 935 sales in August 2010. The benchmark price of an apartment property decreased 0.9% from August 2011 to $370,100.
Attached property sales in August 2012 totalled 300, a 25.6% decrease compared to te 403 sales in August 2011, and a 19.8 per cent decrease from the 374 attached properties sold in August 2010. The benchmark price of an attahced unit decreased 1.9% between August 2011 and 2012 to $462,300.
All information above is taken from the Real Estate Board of Greater Vancouver. For any more information, please contact me and I will be happy to place you on my mailing list.