There was a time when retreading your car tires was the thing to do. Retreading real estate statistical commentary now seems to be the thing to do at the Greater Vancouver Real Estate Board.
Stats Don’t Lie when delivered from the mount and to that end the board’s most recent analysis yet again delivers soft comforts assuring us that all is good in Whoville.
Warm Fuzzy Stuff
According to the Board, “August activity in the Greater Vancouver housing market finished well above last year’s pace and slightly below the 10-year average for the month.”
To this is added that residential property sales in Greater Vancouver increased 52% compared to the same month in 2012.
Not So Fuzzy
The not so fuzzy stuff is that August sales declined 14.7% from the month before and less fuzzy is that the market is still 4.6% below the 10 year average.
The Pres Says
“We’ve seen a healthy amount of demand in the marketplace this summer compared to the number of homes listed for sale. The market today is much stronger than we saw last year and is consistent with our long-term averages for this time of year.”
“people entering the market should not confuse stronger sales activity with rising prices. Home prices have been quite stable and consistent for much of this year.”
Numbers Be Your Guide
New Listings Down
- detached, attached and apartment properties in Greater Vancouver totalled 4,186 in August.
- up 3.5% over last year
- down 13.8% from July of this year.
- total number of properties currently listed for sale in Greater Vancouver is 16,027
- down 8.8% over last year
- down again by 3.6% from July this year
- MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $601,500.
- Happy Buyer – down 1.3% compared to last year
- Happy Seller – an increase of 2.3 per cent compared to January 2013.
- detached properties reached 1,052 in August
- up 69% from last year
- up again compared to August 2011 by 3.1 per cent
- benchmark price – down 2% compared to this time last year
- apartment property sales totalled 1,018 in August 2013, up 40.4% compared to August 2012 and up 6.6% compared to August 2011
- Benchmark price – down 1.1 per cent from August 2012
- Attached sales in August 2013 totalled 444 – up 48 per cent compared to the August 2012
- it was also 10.2% compared to August 2011
- benchmark price – down 1.1% compared to August 2013
In the face of wildly exciting monthly sales it must be difficult to restrain patent real estate exuberance. It must be difficult to retread tire(d) commentary reflecting market states without the benefit of using comfort terminology such as balanced and stable – words used and heard to describe Vancouver’s real estate market of the near past. Now the old tire has been retreaded.
The new fuzzy tread is the cautious optimism of ‘healthy demand reflecting a market that is stronger and consistent with long term averages’.
It is anticipated that this application of a new rubber layer is designed to deliver comment durability when future reports of an unsettled market reflect Stats that Don’t Lie.