Home Sales Increase In July

Friday, August 02, 2019

Home buyer demand picked up across Metro Vancouver* last month, making July, a traditionally quieter month in real estate, the second highest selling month so far this year.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,557 in July 2019, a 23.5% increase from July 2018, and a 23.1% increase from June 2019.

Last month’s sales were 7.8% below the 10-year July sales average.

"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." Ashley Smith, REBGV president

There were 4,613 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2019. This represents a 3.3% decrease compared to July 2018 and a 2.9% decrease compared to June 2019. 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 14,240, a 17.3% increase compared to July 2018 and a 4.9% decrease compared to June 2019.  

For all property types, the sales-to-active listings ratio for July 2019 is 18 per cent. By property type, the ratio is 13.5% for detached homes, 20% for townhomes, and 22% for apartments. 

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.  

“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 MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $995,200. This represents a 9.4% decrease over July 2018 and a 0.3% decrease compared to June 2019. 

DETACHED

Sales of detached homes in July 2019 reached 841, a 32% increase from July 2018. The benchmark price for detached properties is $1,417,000. This represents a 10.5% decrease from July 2018, and a 0.5% decrease compared to June 2019.  

APARTMENT

Sales of apartment homes reached 1,243 in July 2019, a 15.2% increase compared to July 2018. The benchmark price of an apartment property is $653,200. This represents an 8.8% decrease from July 2018, and a 0.2% decrease compared to June 2019.  

ATTACHED

Attached home sales in July 2019 totalled 473, a 33.6% increase compared to July 2018. The benchmark price of an attached unit is $770,000. This represents a nine% decrease from July 2018, and a 0.6% decrease compared to June 2019. 

- For more information from the Real Estate Board of Greater Vancouver, click here.

Sincerely,

Janet