While still elevated, home sale and listing activity in Metro Vancouver has eased back from the record-setting pace seen in March and April of this year.
The Real Estate Board of Greater Vancouver saw residential homes sales total 3,762 for June 2021 which is a 54% increase from this time last year (2,443) and a 11.9% decrease from May 2021 (4,268). Last month's sales were 18.4% above the 10-year June sales average.
Newly listed properties in June for Metro Vancouver reached 5,849 for all property types. This equates to a 17.9% decrease from May 2021 (7,125) and a 1.1% increase compared to June 2020 (5,787).
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 June is 27.4% for detached homes, 49.2% for townhouses, and 37.1% 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 still in a Seller's Market.
The Real Estate Board of Greater Vancouver reports that the composite benchmark price is currently above $1 million at $1,175,100 This represents a 0.2% increase over May 2021.
The total sales for June 2021 were 3,762. This works out to 1,262 detached homes with a benchmark price of $1,801,100, 726 townhouses with a benchmark price of $946,900 and 1,774 apartments with a benchmark price of $737,600.
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!