July housing sales approach record as summer market begins to boil
Vancouver, B.C. August 2, 2007 - The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales reached 3,873 units in July 2007, a thermometer-breaking 41.8% increase when compared to 2,732 sales in July 2006 and an increase of 5.0% when compared to 3,687 sales in July 2005.
This figure represents the second highest number of sales during the month of July in the Board's history. The highest number of sales for that month was recorded in June 2003, when 4,023 sales were reported.
"At the beginning of the year, most experts predicted a slower market than what we've experienced for the past five years in the Greater Vancouver area," says REBGV president Brian Naphtali. "To date, REALTORS® are reporting the exact opposite as the housing market continues to exceed market forecasts."
During this period, new listings for detached, attached and apartment properties increased by 12.7% to 4,924 units compared to the 4,370 units listed in July 2006. The total number of active listings increased by 7.6% to 11,215 units when compared to July 2006's 10,424 units.
"We saw a lot of movement this July in the sales of detached and apartment properties in almost every area of our Board. Some of this movement could be the result of the recent increase in interest rates as consumers who are locked into mortgages at a good rate move up in the market," explains Naphtali. "With the average amount of days a property stays on the market holding steady at a brisk 38 days, consumers should contact their REALTOR® to find out how this will affect the sale or purchase of a home."
According to Multiple Listings Service® (MLS®) data, sales of apartment properties increased by 40.9% to 1,674 sales in June 2007 compared to 1,188 sales in June 2006. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $364,510, up 10.8% from one year ago.
Sales of attached properties increased by 39.6% in July 2007 to 716 sales, compared to 513 sales in July 2006. The benchmark price of an attached unit is $448,383, up 10.8% from a year ago.
Sales of detached properties increased by 43.8% in July 2007 to 1,483 sales, compared to 1,031 sales in July 2006. The benchmark price of a detached unit is $714,810, up 10.9% from last year.
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