June 2019 Vancouver Real Estate Market Update
June 2019 Sales The Lowest In 19 Years
With home buyer demand below long-term historical averages in June, the supply of homes for sale continued to accumulate in Metro Vancouver.
Home sales in the region totalled 2,077 in June 2019, a 14.4% decrease from the 2,425 sales recorded in June 2018 and a 21.3% decrease from the 2,638 homes sold in May 2019.
Last month’s sales were 34.7 per cent below the 10-year June sales average. This is the lowest total for the month since 2000.
The total number of homes currently listed for sale in Metro Vancouver is 14,968, a 25.3% increase compared to June 2018 (11,947) and a 1.9% increase compared to May 2019 (14,685).
This is a 5 Year High in inventory.
The benchmark price for all residential properties in Metro Vancouver is currently $998,700. This represents a 9.6% decrease over June 2018 and a 0.8% decrease compared to May 2019.
This is the first time the composite benchmark has been below $1 million since May 2017.
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 14.0% from June 2018, Townhomes down 8.4% and Condo's were down 11.7%
Breaking It Down By Housing Type
Sales of detached properties in June 2019 reached 61, a 24.7% decrease from June 2018. The benchmark price for detached properties is $2,912,000. This represents an 14.0% decrease from June 2018.
Sales of Townhomes in June 2019 reached 33, a 29.8% decrease from June 2018. The benchmark price for Townhome is $1,125,800. This represents an 8.4% decrease from June 2018.
Sales of Condos in June 2019 reached 254, a 22.6% decrease from June 2018. The benchmark price for condo properties is $744,300. This represents a 11.7 % decease from June 2018.