July 2019 Market Update
Vancouver Real Estate
home sales increase in july
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.
Sales in Greater Vancouver totalled 2,577 in July 2019, a 23.5% increase from the 2,070 sales recorded in July 2018, and a 23.1% increase from the 2,077 homes sold in 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,” Ashley Smith, REBGV president said. “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.”
The total number of homes currently listed for sale on the MLS® in Metro Vancouver is 14,240, a 17.3% increase compared to July 2018 (12,137) and a 4.9% decrease compared to June 2019 (14,968).
For all property types, the sales-to-active listings ratio for July 2019 is 18%. By property type, the ratio is 13.5% for detached homes, 20% for townhomes, and 22% for apartments.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $995,200. This represents an 9.4% decrease over July 2018 and a 0.3% decrease compared to June 2019.
IN SUMMARY
BUYERS: You have more supply to choose from than you've had in over 5 years. The higher the price point you are looking at, the more likely it is you can negotiate on price and favourable terms. Low Ball offers are becoming increasingly common, and some are being accepted.
SELLERS: Make sure you are working with a professional who knows how to market your home extensively to maximize its exposure. Price is the most important factor and if you need to sell, make sure to price ahead of the downward curve. Smartly priced properties properties are still selling in the first week.
INVESTORS: You know we are in the late stages of the Slump Phase and are targeting the properties and investment strategies that thrive in this environment.
Metro Vancouver: Breaking It Down By Housing Type
DETACHED HOMES
Sales of Detached properties in July 2019 reached 852, a 31.3% increase from July 2018. The benchmark price for detached properties is $1,417,000. This represents an 10.5% decrease from July 2018.
TOWNHOMES
Sales of Townhomes in July 2019 reached 404, a 28.7% increase from July 2018. The benchmark price for Townhomes is $770,000. This represents a 9% decrease from July 2018.
CONDOS
Sales of Condos in July 2019 reached 1245, a 15.2% increase from July 2018. The benchmark price for condo properties is $653,200. This represents a 8.8% decrease from July 2018.
