July 2019 Vancouver Real Estate Market Update
July Sales Prove To Be 2nd Highest Of 2019
Home buyer demand picked up across Metro Vancouver last month, making July, a traditionally quieter month in real estate, the second highest selling month so far this year.
Home sales in the region totalled 2,557 in July 2019, a 23.5% increase from the 2,070 sales recorded in July 2018, and a 23.1% increase from the 2,077 homes sold in June 2019.
Last month’s sales were 7.8 per cent below the 10-year July sales average.
“While home sale activity remains below long-term averages, we saw an increase in sales in July compared to the less active spring we experienced,” Ashley Smith, REBGV president said. “Those looking to buy today continue to benefit from low interest rates, increased selection, and reduced prices compared to the heated market a few years ago.”
There were 4,613 detached, attached and apartment properties newly listed for sale in July. This represents a 3.3% decrease compared to the 4,770 homes listed in July 2018 and a 2.9% decrease compared to June 2019 when 4,751 homes were listed.
The total number of homes currently listed for sale is 14,240, a 17.3% increase compared to July 2018 (12,137) and a 4.9% decrease compared to June 2019 (14,968).
For all property types, the sales-to-active listings ratio for July 2019 is 18%. By property type, the ratio is 13.5% for detached homes, 20% for townhomes, and 22% for apartments.
The benchmark price for all residential properties in Metro Vancouver is currently $995,200. This represents a 9.4% decrease over July 2018 and a 0.3% decrease compared to June 2019.
Sales of detached homes in July 2019 reached 841, a 32% increase from the 637 detached sales recorded in July 2018. The benchmark price for detached properties is $1,417,000. A 10.5% decrease from July 2018, and a 0.5% decrease compared to June 2019.
Sales of apartment homes reached 1,243 in July 2019, a 15.2% increase compared to the 1,079 sales in July 2018. The benchmark price of an apartment property is $653,200. An 8.8% decrease from July 2018, and a 0.2% decrease compared to June 2019.
Attached home sales in July 2019 totalled 473, a 33.6% increase compared to the 354 sales in July 2018. The benchmark price of an attached unit is $770,000. A 9% decrease from July 2018, and a 0.6% decrease compared to June 2019.
Focusing in on the Vancouver West area (from Downtown to Marpole, and everything West of Ontario St.) we see the Detached market Average Price down 13.6% from July 2018, Townhomes down 8.8% and Condo's were down 9.9%
Breaking It Down By Housing Type
Sales of detached properties in July 2019 reached 80, a 40.4% increase from July 2018. The benchmark price for detached properties is $2,895,400. This represents an 13.6% decrease from July 2018.
Sales of Townhomes in July 2019 reached 48, a 23.1% increase from July 2018. The benchmark price for Townhome is $1,114,700. This represents an 8.8% decrease from July 2018.
Sales of Condos in June 2019 reached 353, a 20.1% increase from July 2018. The benchmark price for condo properties is $752,300. This represents a 9.9% decease from July 2018.