Metro Vancouver's housing market is experiencing a quieter summer season marked by reduced sale and listing activity.
The Real Estate Board of Greater Vancouver saw residential homes sales total 1,870 for Augusgt 2022 which is a 40.7% decrease from this time last year (3,152) and a 09% decrease from the 1,887 homes sold in July 2022. Last month's sales were 29.2 below the 10-year August sales average.
Newly listed properties in August for Metro Vancouver reached 3,328 for all property types. This equates to a 17.5% decrease from August 2021 (4,032) and a 16% decrease compared to July 2022 (3,960).
Analysts generally agree that downward pressure on home prices occur when the sales-to-active ratio dips below 12% which is referred to as a Buyer’s Market, whereas home prices experience upward pressure when it goes beyond 20%, also referred to as a Seller’s Market. A Balanced Market is between the two. Metro Vancouver saw an increase in the combined sales-to-active ratio from last month keeping us in a Seller's Market.
Broken down by property type, the sales-to-active ratio for August 2022 is 12.2% for detached homes, 25.3% for townhouses, and 24.8% for condos. This means that townhouses are in a Seller's Market, condos are in a Seller's Market as well and the detached sector is in a Balanced Market.
The Real Estate Board of Greater Vancouver reports that the composite benchmark price is currently above $1 million at $1,180,500 this represents a 7.4% increase over August 2021.
The total sales for August 2022 were 1,870. This works out to 517 detached homes with a benchmark price of $1,954,100, 355 townhouses with a benchmark price of $1,069,100 and 998 apartments with a benchmark price of $740,100.
Ready to jump into the market? Whether you’re looking to buy, sell, or learn more about what this means for you, reach out to us today!