Sales jump surprises Vancouver
August 7, 2019
Housing sales across Metro Vancouver snapped a year-long decline with a surprising rebound in July, normally a slow month for home buying, reports the Real Estate Board of Greater Vancouver ((REBGV).
Home sales in the region totalled 2,557 this July, a 23.5 per cent increase from July 2018 and a 23.1 per cent increase from the 2,077 homes sold in June 2019, the Board reports.
July sales were 7.8 per cent below the 10-year July sales average, however, and prices continue to track down.
“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.”
The total number of homes currently listed for sale in Metro Vancouver is 14,240, a 17.3 per cent increase compared to the same month a year earlier and a 4.9 per cent decrease compared to June 2019.
The Board’s composite benchmark price for all residential properties in Metro Vancouver is currently $995,200. This represents a 9.4 per cent decrease over July 2018 and a very modest 0.3 per cent decrease compared to June 2019.
Sales of detached homes in July 2019 reached 841, a 32 per cent increase from the 637 detached sales recorded in July 2018. The benchmark price for detached properties is $1,417,000. This represents a 10.5 per cent decrease from July 2018, and a 0.5 per cent decrease compared to June 2019.
Sales of condo apartments reached 1,243 in July 2019, a 15.2 per cent increase compared to July 2018. The benchmark price of an apartment property is $653,200. This represents an 8.8 per cent decrease from July 2018, and a 0.2 per cent decrease compared to June 2019, according to Board data.
July, is traditionally quieter month in real estate,Smith said, but “it was the second highest selling month so far this year.”