Greater Vancouver property sales increased 52.5 per cent in August in comparison to the same month last year, reports the Real Estate Board of Greater Vancouver (REBGV).

However, overall activity was slightly below the 10-year average for the month, with 2,514 sales recorded on the Multiple Listing Service (MLS).

“We’ve seen a healthy amount of demand in the marketplace this summer compared to the number of homes listed for sale,” says REBGV president, Sandra Wyant. “The market today is much stronger than we saw last year and is consistent with our long-term averages for this time of year.”

There was a total of 4,186 new detached, attached and apartment listings in Greater Vancouver in August. This represents a 3.5 per cent increase from last year but a 13.8 per cent decrease from July 2013.

“People entering the market should not confuse stronger sales activity with rising prices,” says Wyant. “Home prices have been quite stable and consistent for much of this year.”

The MLS Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $601,500, 1.3 per cent lower than it was in August 2012.

Apartment property sales increased 40.4 per cent in comparison to August 2012, though the benchmark price decreased 1.1 per cent to $366,100.