August 2015 Vancouver Market Filled with Competition
Instead of spending time at the beach, many Vancouver home buyers spent the summer months searching for their next home. Between June and August, home sales were between 25 and 30 per cent above the ten-year sales average. Inventory levels were depleted and down neover 26% over the same month last year. Low supply and high demand are creating multiple offers on many Vancouver properties.
These markets were especially HOT:
- DT Vancouver, Eastside, Westside Condos under $450,000
- Detached homes btwn $900,000 and 1.4 million in North Vancouver & East Van
- Vancouver’s Westside Detached Homes
- 2 and 3 Bedroom Townhomes in DT Vancouver, Eastside, Westside and North Van
Total Sales: 3,362 on the Multiple Listing Service® (MLS®) in August 2015 = 21.3 per cent increase compared to the 2,771 sales recorded in August 2014, and a decrease of 15.5 per cent compared to the 3,978 sales in July 2015.
“Those who have a sound buying strategy and an understanding of current price trends are having the most success in today’s market,” McLeod said.
The MLS® Home Price Index composite benchmark price = $708,500. This represents a 12 per cent increase compared to August 2014.
Sales of detached properties in August 2015 reached 1,290, up 11.4 per cent from the 1,158 detached sales recorded in August 2014, and a 22.6 per cent increase from the 1,052 units sold in August 2013. The benchmark price for a detached property in Metro Vancouver increased 17.5 per cent from August 2014 to $1,159,600.
Sales of condo properties reached 1,494 in August 2015, up 32.7 per cent compared to the 1,126 sales in August 2014, and an increase of 46.8 per cent compared to the 1,018 sales in August 2013. The benchmark price of an apartment property increased 6.3 per cent from August 2014 to $405,400.
Attached property sales in August 2015 totalled 578, an increase of 18.7 per cent compared to the 487 sales in August 2014, and a 30.2 per cent increase from the 444 attached properties sold in August 2013. The benchmark price of an attached unit increased 7.3 per cent between August 2014 and 2015 to $511,500.
Want to chat about the market? Thinking of Buying or Selling Your Vancouver Home? Call today, I’d love to speak with you about working togther.
2011-2014 Medallion Member
Top 4% of Vancouver Realtors
Your Downtown to North Vancouver Realtor Connection