Home buyer and seller activity in Metro Vancouver exceeded historical levels in July.
The Real Estate Board of Greater Vancouver saw residential homes sales total 3,128 for July 2020 which is a 22.3% increase from this time last year (2,557) and a 28% increase from June 2020 (2,443). Last month's sales were 9.4% above the 10-year July sales average.
Newly listed properties in July for Metro Vancouver reached 5,948 for all property types. This equates to a 2.8% increase from June 2020 (5,787) and a 28.9% increase compared to July 2019 (4,613).
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 July is 25.1% for detached homes, 31.1% for townhouses, and 24.7% 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 now in a Seller's Market.
The Real Estate Board of Greater Vancouver reports that the composite benchmark price is currently above $1 million at $1,031,400. This represents a 4.5% increase over July 2019 and a 0.6% increase compared to June 2020.
The total sales for July 2020 were 3,128. This works out to 1,121 detached homes with a benchmark price of $1,477,800, 607 townhouses with a benchmark price of $797,700 and 1,400 apartments with a benchmark price of $682,500.
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!