Vancouver home sales down, listings up in July

Vancouver home sales took a breather in the lazy days of summer, with a total of 2,960 transaction reported by the Real Estate Board of Greater Vancouver (REBGV) in July – down 8.2 per cent year over year, and a 24-per-cent decrease compared to June 2017, when 3,893 homes sold.

Despite the dip in activity, July sales were still 0.7 per cent above the 10-year July sales average. Here are the stats:

Vancouver home sales stats July 2017

“Housing demand is inconsistent across the region right now. Pockets of the market are still receiving multiple offers and others are not. It depends on price, property type, and location,” says Jill Oudil, REBGV president. “For example, it’s taking twice as long, on average, for a detached home to sell compared to both townhomes and condominiums.”

There were 5,256 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service (MLS) in Metro Vancouver in July 2017. This is up 0.3 per cent compared to the 5,241 homes listed in July 2016, and an 8.1-per-cent decrease compared to June 2017 when 5,721 homes were listed.

“Housing demand is inconsistent across the region right now. Pockets of the market are still receiving multiple offers and others are not. It depends on price, property type, and location. For example, it’s taking twice as long, on average, for a detached home to sell compared to both townhomes and condominiums.”

The total number of properties currently listed for sale on the MLS system in Metro Vancouver is 9,194, a 10.1-per-cent increase compared to July 2016 (8,351) and up eight per cent compared to June 2017 (8,515).

“Because home sale activity decreased to more historically normal levels in July, the selection of homes for sale in the region was able to edge above 9,000 for the first time this year,” Oudil says.

For all property types, the sales-to-active listings ratio for July 2017 is 32.2 per cent. By property type, the ratio is 16.9 per cent for detached homes, 44.9 per cent for townhomes, and 62 per cent for condominiums.

Analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,019,400. This is up 8.7 per cent year over year, and up 2.1 per cent compared to June 2017.

Sales of detached properties in July 2017 reached 949, down 11.9 per cent from the 1,077 detached sales recorded in July 2016. The benchmark price for detached properties is $1,612,400. This represents a 1.9-per-cent increase from July 2016 and a 1.5-per-cent increase compared to June 2017.

Sales of apartment properties reached 1,468 in July 2017, down 8.4 per cent compared to the 1,602 sales in July 2016. The benchmark price was up to $616,600 – an 18.5-per-cent increase from July 2016 and a 2.7-per-cent increase compared to June 2017.

Attached property sales in July 2017 totalled 543, down 0.7 per cent compared to the 547 sales in July 2016. The benchmark price rose to $763,700 – up 11.9 per cent from July 2016 and a 2.4-per-cent increase compared to
June 2017.

IF YOU ENJOYED THIS ARTICLE, SUBSCRIBE TO OUR NEWSLETTERS

Of course you can unsubscribe at any time

More News & Inspiration