August sales volume 39% below 10-year average

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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, according to the Real Estate Board of Greater Vancouver (REBGV).

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.

“Home sales this summer have been lower than we’ve seen for most of the past 10 years, yet we continue to see relative stability when it comes to prices,” said Eugen Klein, REBGV president.

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.

“For sellers it’s critical to work with your realtor to understand today’s market and to develop the best strategy for selling your home,” Klein said. “On average it’s taking about two months for a home to sell in Greater Vancouver today.”

At 17,567, the total number of residential property listings on the MLS increased 13.8 per cent from this time last year and declined 2.8 per cent compared to July 2012.

“Today, our sales-to-active-listings ratio sits at nine per cent, which puts us in a buyer’s market. This ratio has been declining in our market since March when it was 19 per cent,” Klein said.

The MLSLink Housing Price Index composite benchmark price for all residential properties in Greater Vancouver is $609,500, a decline of 0.5 per cent over this time last year and down 1.1 per cent from last month.

Sales of detached properties on the MLS in August reached 624, a dropof 38.8 per cent from 1,020 detached sales recorded in August 2011, and a 30.1 per cent drop from 893 units sold in August 2010. The benchmark price for detached properties increased 0.2 per cent from August 2011 to $942,100.

Sales of apartments reached 725 in August 2012, a 24.1 per cent drop from the 955 sales in August 2011, and a decrease of 22.5 per cent from the 935 sales in August 2010. The benchmark price of an apartment dropped 0.9 per cent from August 2011 to $370,100.

Attached property sales in August 2012 totalled 300, a 25.6 per cent decrease from the 403 sales in August 2011, and a 19.8 per cent drop from the 374 attached properties sold in August 2010. The benchmark price of an attached unit decreased 1.9 per cent between August 2011 and 2012 to $462,300.