August real estate statistics were recently released and homes sales have picked up for the second month in a row. Sales are at more typical levels now. With 2,231 sales registered in August, this is 15% higher than last month and only 9.2% lower than the 10 year average. Considering the last 10 years has been a blistering real estate market, about 10% below the average is really active market.
Buyer demand has increase and based on the real estate board’s statistics, homes for sale are no longer accumulating like they were previously. The sales-to-active ratio is sitting comfortably at about 17% which would indicate a balanced market. As a frame of reference, above 20% would be considered a seller market, while below 12% is a buyer market.
What’s Our Take On The Market?
So has the real estate market returned from the year-long slump? I think it’s too early to tell but things are looking much better and the sales numbers indicate a turn-around. Currently the benchmark home price in Greater Vancouver sits at about $993,300 which is down about 8% over last year. I feel buyers are recognizing the better prices and have more confidence it’s the right time to purchase.
Thinking of Selling Your Home?
If you are planning on buying or selling in the near future, don’t hesitate to reach out to us, we’re always happy to hear from you! Visit our Selling Your Home page.