August MLS Sales Off 12%

2014 is going down as the year of more listings.  In August the healthy supply of MLS listings did not translate into more sales.  In fact, MLS sales dropped 12% in comparison to the same month last year.  The 10 year average for August sales activity still shows August 2014 down 5%.

Listings are another story altogether.  Based on the 10 year average for August, active listings or current inventory at the end of August, August 2014 has 59% more listings at 5,108.  As for new MLS listings entered on MLS in the month of August, the 2,106 new listings were up 22% over the 10 year average.

While a disappointing result, year to date sales activity is in a virtual deadlock with last year.  2013 is the fourth best year on record for sales activity.  Dollar volume on the other hand is on pace to set another annual record as is up nearly 4% from last year, which turned in a third consecutive record-breaking dollar volume year of over $3 billion.

August MLS unit sales decreased 12% while dollar volume fell off 8% in comparison to the same month last year.  Year to date MLS unit sales are down every so slightly while dollar volume is up nearly 4% in comparison to the same period in 2013.  Year to date MLS listings entered on MLS stand at 16,482, a 12% increase over 2013.

Condo's, despite a 14% decrease in August sales activity, remain up 9% for the year.  Residential-detached sales, while down 12% in August, are up marginally for the year. The biggest decline in property type sales by far as of the end of August is vacant lots.  Their sales have been cut down by one-third compared to 2013.

Less than one in five residential-detached sales in August went for above list price.  This trend should encourage buyers to check out the market in 2014 as there may be listings they lost out on in more hectic times that they now have a better chance of buying.

Not all MLS neighbourhoods or price ranges behave the same as different market forces are at play.  It is therefore always recommended you contact a Realtor who can give the expert advice you need on your particular housing queries.

Nearly 70% of all residential-detached sales in August were from $150,000 to $349,999, a range of $200,000.  The most active price range was from $250,000 to $299,999 at 23%.  The average days on market to sell a residential-detached home was 31 days, three days slower than last month and August 2013.

60% of all condo sales were from $150,000 to $249,999.  The most active condo price range was from $150,000 to $199,999 at 35%. The average days on market for condo sales was 41 days, a week slower than last month and six days off the pace set in August 2013.