MARKET UPDATE- JUNE 2019
Housing supply up, home sales and prices down in June
Home buyer demand was below long-term historical averages in June making for a larger than normal supply of homes.
Total home sales in the residential sector for June 2019 totalled 2,077, representing a 14.4% decrease from sales recorded in June 2018 with 2,425 homes sold. Sales also decreased 21.3% over last month. Last month’s sales were 34.7% lower than the 10-year June sales average.
Ashley Smith, REBGV president states, “we’re continuing to see an expectation gap between home buyers and sellers in Metro Vancouver. Sellers are often trying to get yesterday’s values for their homes while buyers are taking a cautious, wait-and-see approach.”
On the supply side, there were 4,751 newly listed homes comprising of the detached, apartment, and attached residences. This reflects a decrease of 10% compared to homes listed in June 2018 and an 18.9% decrease in comparison to the 5,861 newly listed homes in last month.
MLS current listings are 14,968 or 25% higher than June 2018, whereby listings totalled 11,947. In comparison to May 2019, MLS recorded an increase of 1.9%.
“Home buyers haven’t had this much selection to choose from in five years,” Smith said. “For sellers to be successful in today’s market, it’s important to work with your local REALTOR® to make sure you’re pricing your home for these conditions.”
The sales to activity ratio in June 2019 was 11.4% for detached, 15.8% for attached (townhouse) and 15.7% for condos. Overall, across all property types, the sales to activity listing ratio were 13.9%.
Metro Vancouver benchmark price for all residential homes currently sits at $998,700 as indicated by the MLS Home Price Index composite. That is an 9.6% decrease over June 2018 and a 0.8% drop compared to April 2019.
June 2019 saw detached housing decrease 2.6% (746) from June 2018 (766). Currently, the detached home benchmark sits at $1,423,500 an 10.9% decrease from June 2018 stats and 0.1% increase compared to May 2019.
The benchmark price for apartments is currently $654,700. This represents a 8.9% decrease from June 2018 and a 1.4 % decrease compared to May 2019.
Lastly, Townhomes or attached homes, sales totals for June were 390 showing a 6.9% decrease compared to June 2018 where 419 sales were recorded. The attached home benchmark price currently sits at $774,700 an 8.6% decrease in comparison to June 2018 and a 0.6% decrease compared to May 2019.
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