Home sales in Metro Vancouver increased in double digits year-over-year in August.
Total sales of 2,231 reported by the Real Estate Board of Greater Vancouver was 12.7% below the July total but was 15.7% higher than in August 2018. Sales were 9.2% below the 10-year average for August.
“Home sales returned to more historically normal levels in July and August compared to what we saw in the first six months of the year,” said REBGV President Ashley Smith.
There was a drop in new MLS listings of 3.5% month-over-month and 18.8% year-over-year (3,747) taking the total inventory to 13,396, almost 6% lower than in July but up 13.3% from August 2018.
“With more demand from home buyers, the supply of homes listed for sale isn’t accumulating like earlier in the year. These changes are creating more balanced market conditions,” Smith said.
The sales-to-active-listings ratio was 16.7%.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver in August was $993,300, down 8.3% year-over-year and down 0.2% from to July.
Stats by property type
Sales of detached homes in August 2019 reached 706, a 24.5% increase from the 567 detached sales recorded in August 2018. The benchmark price for detached homes is $1,406,700, a 9.8% decrease from August 2018 and a 0.7% decrease compared to July 2019.
Sales of apartment homes reached 1,116 in August 2019, an 8.9% increase compared to the 1,025 sales in August 2018. The benchmark price of an apartment property is $771,000, a 7.4% decrease from August 2018 and a 0.1% increase compared to July 2019.
Attached home sales in August 2019 totalled 409, a 21.4% increase compared to the 337 sales in August 2018. The benchmark price of an attached unit is $654,000, a 7.8% decrease from August 2018, a 0.2% increase compared to July 2019.