There was no summer lull in the Metro Vancouver housing market this year. Between June and August home sales were more than 25% above the Ten Year Sales Average.
In August there were 3,362 sales in our MLS® system. This is up 21% compared to last year. On the listing side we continue to see a smaller supply of homes for sale. There were 4, 281 homes listed on our MLS® last month. All total there are 10,897 homes listed for sale today. This is down more than 26% compared to last year and the lowest total we have seen in August since 2005. This activity is placing upward pressure on home prices.
The Benchmark Price for all residential properties has risen to $708,500. That's up 12% over the last twelve months, And over 17%, detached homes have seen the largest increase over this period, and condominiums and townhomes have increased between 6 and 7%.
To help us better understand the strength of today's market, we measure home buyer demand fueled by home sales against home sellers supply fueled by the number of home listings. This measurement today is a Sales-to-Active Listings Ratio (SAR) of 30.9%.
August marks the sixth consecutive month that the SAR over 30% in our market.
Generally analyst say that downward pressure on home prices occurs when the ratio dips below the 12% mark while home prices often experience upward pressure when it reaches 20% in a particular community for a sustained period of time.
Accessing home price trends, opinions often differ what a home should sell for. As a home buyer or seller you are trying to identify what a home will sell for.
Understanding current pricing trends allows buyer to make more competitive offers and it helps sellers to decide what offers to accept.
Accurate pricing information is more difficult to come in an upside slope as market values change at a quicker pace.
Your REALTOR® is the go-to source for understanding these trends.
Before making or accepting an offer your REALTOR® will review the most recent home sales data on MLS to produce what is know as Comparative Market Analysis or CMA. This analysis will show you what similar homes in the neighborhood are being listed and sold for.
Your REALTOR® will also help you adjust your pricing based on factors that won't show up in a statistics report. For example, if a home is located near amenities or a large development is planned nearby, the value of one home may differ from similar properties a few blocks away.
It's a fast paced market today whether you are listing your home for sale or preparing to make an offer, you want a leg up on your competition by having the best analysis and insight to today's market activity.
(Source of text: Real Estate Board of Great Vancouver)
We, at Royal LePage Sussex - John Jennings are making it happen,
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