Home buyer demand picked up across Metro Vancouver last month
July (a traditionally quieter month in real estate) became the second highest selling month so far this year.
Total home sales in the residential sector for July 2019 totalled 2,557, representing a 23.5% increase from the July 2018 sales recorded of 2,070 homes sold. Sales also increased 23.1% over last month.
Ashley Smith, REBGV president states, “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.”
On the supply side, there were 4,613 newly listed homes comprising of the detached, apartment, and attached residences. This reflects a decrease of 3.3% compared to homes listed in July 2018 and an 2.9% decrease in comparison to the 4,751 newly listed homes in last month.
MLS current listings are 14,240 or 17.3% higher than July 2018, whereby listings totalled 12,137. In comparison to June 2019, MLS recorded a decrease of 4.9%.
“To better understand conditions in your property type or neighbourhood of choice, it’s important to work with your local REALTOR®. They can help you develop a strategy to reach your long-term real estate goals,” Smith said.
The sales to activity ratio in July 2019 was 13.5% for detached, 20% for attached (townhouse) and 22% for condos. Overall, across all property types, the sales to activity listing ratio were 18%.
Metro Vancouver benchmark price for all residential homes currently sits at $995,200 as indicated by the MLS Home Price Index composite. That is an 9.4% decrease over July 2018 and a 0.3% drop compared to June 2019.
July 2019 saw detached housing increase 32% (841) from July 2018 (637). Currently, the detached home benchmark sits at $1,417,000 an 10.5% decrease from July 2018 stats and 0.5% decrease compared to June 2019.
The benchmark price for apartments is currently $653,200. This represents a 8.8% decrease from July 2018 and a 0.2% decrease compared to June 2019.
Lastly, Townhomes or attached homes, sales totals for July were 473, showing a 33.6% increase compared to July 2018 where 354 sales were recorded. The attached home benchmark price currently sits at $770,000 an 9% decrease in comparison to July 2018 and a 0.6% decrease compared to June 2019.
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