A typical summer on the Vancouver Real Estate Market mean more listings and fewer home sales occurred in July.
“Because home sale activity decreased to more historically normal levels in July, the selection of homes for sale in the region was able to edge above 9,000 for the first time this year,” said REBGV president, Jill Oudil. Total active listings on MLS® is 9,194. That’s a 10.1% increase from the same month in the previous year, an 8% increase since June 2017, and only 0.7% above the sales average for July.
Oudil went on to say that housing demand in the Lower Mainland is still proving to be inconsistent, where pockets of the market see multiple offers while others don’t. “It depends on price, property type, and location. For example, it’s taking twice as long, on average, for a detached home to sell compared to both townhomes and condominiums.”
New Listings (detached, attached, and apartment): 5,256
0.3% increase from July 2016
8.1% decrease from June 2017
Residential Property Sales: 2,960
8.2% decrease from July 2016
24% decrease from June 2017
Sales-to-Active Listings Ratio: 32.2%
Benchmark price for all residential properties: $1,019,400
8.7% increase from July 2016
2.1% increase from June 2017
Benchmark price for a detached property is $1,612,400
1.9% decrease from July 2016
1.5% increase from June 2017
Detached property sales totaled 949
11.9% decrease from July 2016
Benchmark price for an apartment property is $616,600
18.5% increase from July 2016
2.7% increase from June 2017
Apartment property sales totaled 1,468
8.4% decrease from July 2016
Benchmark price for an attached unit is $763,700
11.9% increase from July 2016
2.4% increase from June 2017
Attached property sales totaled 543
0.7% decrease from July 2016
If you’re interested in seeing the complete breakdown, visit rebgv .org for all of the detailed comparisons. Oudil suggests navigating this seller’s market with savvy advice from your Realtor. Want some advice on how your home fits in? Call us for a consultation today!
REBGV Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.
***The national MLS® Home Price Index (MLS® HPI) operations group underwent an annual review of the model in June.This led to the following changes: