Vancouver saw a rise in temperature and an upswing in home sales for July 2019! The Greater Vancouver Real Estate Market reports that the composite benchmark price remain below $1 million for the second month. The benchmark price for July 2019 was $995,200.
The Real Estate Board of Greater Vancouver reports that home sales in Metro Vancouver were 2,557 for July. This is a 23.1% increase from June 2019 (2,077) and a 23.5% increase from this time last year (2,070).
Newly listed properties in July for Metro Vancouver reached 4,613 for all property types. This equates to a 2.9% decrease from June 2019 (4,751) and an 3.3% decrease compared to July 2018 (4,770).
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 putting us in the higher end of a balanced market with 18%.
Broken down by property type, the sales-to-active ratio for July was 13.5% for detached homes, 20% for townhouses, and 22% for condos. This means that both townhouses and condos have moved into a Seller's Market whereas the detached sector has jumped into a Balanced Market.
The benchmark price for all residential homes was $995,200. The benchmark price is 0.3% lower than June 2019 and a 9.4% decrease since July 2018.
The total sales for July 2019 were 2,557. This works out to 841 detached homes with a benchmark price of $1,417,000, 473 townhouses with a benchmark price of $770,000, and 1,243 apartments with a benchmark price of $653,200.
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!
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