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Market Update: Summer Sales Strong in July

(August 07, 2014 , posted in Market Updates)

real estate in vancouver canada

I hate to say it, but we are more than half-way through the summer. Thankfully, Vancouver has amazing weather that will last a few more months. And, it looks like the market will continue to see good weather too. There is a small increase in the number of buyers that is anticipated to keep sellers happy with prices remaining in the upward direction.

When compared to July 2013, this year’s listings are up by 3.9%, while listings are down from June of 2014, by 10%. In the last update, the sales for June were reported at more than 6% below the 10 year sales average; however, July climbed out of the slump to record an impressive 3.8% above the 10 year sales average.

Houses were selling well in July 2014 (1,322 sold) which was up 5.8% since July 2013, but one might argue that they have been selling like hotcakes when you look at the 68% increase since July 2012 (787 sold). While condos saw an insignificant increase of 0.2% in sales since July 2013, we can see that condos are still selling well when we recognize that the larger increase of 30.7% happened over the last 2 years. Townhouses sales since July 2013 have gone up by 8.2% which shows a steadily improving market, when compared to the much greater increase of 37.2% over the two year period.

For a more detailed report click here.