Home buyer and seller activity in Metro Vancouver exceeded historical levels in July.
Hello and welcome to my Vancouver Real Estate Market update covering activity for July 2020.
All Homes
It was a busy month of buying and selling in Vancouver in July, with home sales totalling 3,128, (a 22.3% increase compared to the sales recorded in July 2019, and a 28% increase from homes last month)
Interestingly, June’s sales were 9.4% above the 10-year July sales average!
This appears to be driven by a combination of pent up activity - from both home buyers and sellers - low-interest rates and limited supply.
Newly Listed Homes
During July, there were almost 6,000 properties newly listed for sale MLS in Metro Vancouver, a 28.9% increase compared to the number of homes listed in July 2019 and a 2.8% increase compared to June 2020 when 5,787 homes were listed.
This is despite strict protocols remaining in place to keep clients and the Realtors safe.
Looking at all property types, the sales-to-active listings ratio for July was 25.9%. By property type, the ratio is 25.1% for detached homes, 31.1% for townhomes, and 24.7% for apartments. This suggests we’re seeing a Seller Market.
Remember, a seller’s market is when more people are looking to buy then there are homes available. This causes a rise in price above the long-term average rate of inflation. Typically, this is indicated by a sales-to-active-listings ratio of 20% or higher.
The HPI composite benchmark price for all residential properties in Metro Vancouver is currently at $1,031,400 - represents a 4.5% increase over July 2019 and a 0.6 per cent increase compared to June 2020.
Detached Home Sales
The sales of detached homes in July 2020 reached 1,121, a significant 33.3% increase from the 841 detached sales recorded compared to this time last year.
The benchmark price for a detached home is currently sitting $1,477,800. A 5% increase from July 2019 and a 0.9 per cent increase compared to June 2020.
Townhomes
Townhomes also saw a large increase in sales in July. With 607 townhomes sold, compared to 473 sales in July 2019 (a 28.3% increase).
The average price of a townhome in Metro Vancouver is now $797,700 – a 3.7% increase from July 2019, and a 0.9 per cent increase compared to June 2020.
Condos
With 1,400 condos sold in July 2020, it was a busy month for buyers and sellers, alike. This represents a 12.6% increase compared to the 1,243 sales in July 2019.
The benchmark price of a condo is $682,500 – a 4.2% increase from July 2019 and a 0.3 per cent increase compared to June 2020.
Whether you’re Moving Up, Moving Down, Moving Over or Moving On, I’ll be there with unsurpassed expertise and service to make certain your buying, selling or downsizing real estate challenges are an unqualified success.
If you’d like to discuss the current real estate market by specific neighbourhoods, or would like to talk through my 25 Step Marketing Plan, click here or contact me directly via phone: (604) 737 8865 or email: michael@michaeltudorie.com.
