VANCOUVER REAL ESTATE MARKET UPDATE FOR JUNE 2018

Summer is in full swing, and last month we definitely saw some changes when it came to the real estate market in Metro Vancouver.  Overall, there were 2,425 total home sales in Vancouver, which was a 37.7% decrease compared to this time last year, and a 14.4% decrease compared to May 2018.  June 2018 may have brought us a decline in home sales, but we also saw a 3 year high when it came to the supply of homes for sale.

The Sales to Active ratio for all property types for June 2018 is currently sitting at 20.3%. Detached homes are currently seeing a ratio of 11.7%, townhomes are sitting at 24.9%, and a ratio of 33.4% for condominiums. With these statistics, we are definitely in a seller’s market when it comes to townhomes and condos.  When it comes to the detached market, it is definitely in the buyer’s market, making this the perfect opportunity for anyone wanting to move into a detached home.

In the detached market, there were 6555 properties listed on the MLS, with a total of 766 properties being sold which is a 42% decrease compared to this time last year.  The benchmark sale price for detached homes is currently $1,598,200, with properties averaging a total of 38 days on the market.

With the apartment market, there were 3711 properties listed on the MLS, with a total of 1240 properties being sold which is a 34.9% decrease compared to this time last year.  The benchmark sale price for apartments is currently $704,200, with properties averaging a total of 21 days on the market.

In the attached market, there were 1681 properties listed on the MLS, with a total of 419 properties being sold which is a 37.3% decrease compared to this time last year.  The benchmark sale price for detached homes is currently $859,000, with properties averaging a total of 22 days on the market.

Ready to jump into the market? Whether you are looking to buy, sell, or learn more about the market changes, reach out to our team today! We’ll help you make the right move!