August 7th, 2019 | Market Report
July, which has traditionally been a quieter month in real estate, became the second highest selling month this year so far. Home buyer demand picked up across Metro Vancouver.
Reports from The Real Estate Board of Greater Vancouver (REBGV) indicate that residential home sales in the region totalled 2,557 in July 2019, a 23.5 per cent increase from the 2,070 sales recorded in July 2018, and a 23.1 per cent increase from the 2,077 homes sold in June 2019.
Last month’s sales were 7.8 per cent below the 10-year July sales average.
Ashley Smith, REBGV president, stated “While home sale activity remains below long-term averages, we saw an increase in sales in July compared to the less active spring we experienced. Those looking to buy today continue to benefit from low interest rates, increased selection, and reduced prices compared to the heated market a few years ago.”
Across Metro Vancouver, the total number of properties listed for sale totalled 14,240, a 17.3 per cent increase compared to July 2018 (12,137) and a 4.9 per cent decrease compared to June 2019 (14,968).
The sales-to-active listings ratio for all property types in July 2019 is 18 per cent. The ratio for specific property types is 13.5 per cent for detached homes, 20 per cent for townhomes, and 22 per cent for apartments.
Sales By Property Type
Attached home sales in July 2019 totalled 473, a 33.6 per cent increase compared to the 354 sales in July 2018. The benchmark price of an attached unit is $770,000. This represents a nine per cent decrease from July 2018, and a 0.6 per cent decrease compared to June 2019.
Sales of detached homes in July 2019 reached 841, a 32 per cent increase from the 637 detached sales recorded in July 2018. The benchmark price for detached properties is $1,417,000. This represents a 10.5 per cent decrease from July 2018, and a 0.5 per cent decrease compared to June 2019.
Sales of apartment homes reached 1,243 in July 2019, a 15.2 per cent increase compared to the 1,079 sales in July 2018. The benchmark price of an apartment property is $653,200. This represents an 8.8 per cent decrease from July 2018, and a 0.2 per cent decrease compared to June 2019.
If you’re thinking of purchasing a home, or selling your investment property or current home, it’s important to work with a Realtor who can help you develop a strategy and navigate through the ever changing market. Choosing the right Agent can have a significant impact on your real estate goals – let me help you navigate through the current conditions.