Sutton Group-West Coast Realty - Cissy Yee
2 min
Updated: Aug 9, 2020
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,128 in July 2020, a 22.3% increase from the 2,557 sales recorded in July 2019, and a 28% increase from the 2,443 homes sold in June 2020.
Last month’s sales were 9.4 per cent above the 10-year July sales average.
There were 5,948 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2020. This represents a 28.9% increase compared to the 4,613 homes listed in July 2019 and a 2.8 per cent increase compared to June 2020 when 5,787 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 12,083, a 15.1% decrease compared to July 2019 (14,240) and a 5.8% increase compared to June 2020 (11,424).
“Safety remains the top priority for our REALTOR® community,” Gerber said. “We continue to limit in-person interactions with clients and employ different technology solutions to ensure home buyers and sellers can get as much information as possible in a virtual setting.”
For all property types, the sales-to-active listings ratio for July 2020 is 25.9%. By property type, the ratio is 25.1% for detached homes, 31.1% for townhomes, and 24.7% for apartments.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below 12% 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 $1,031,400. This represents a 4.5% increase over July 2019 and a 0.6% increase compared to June 2020.
Sales of detached homes in July 2020 reached 1,121, a 33.3 per cent increase from the 841 detached sales recorded in July 2019. The benchmark price for a detached home is $1,477,800. This represents a five per cent increase from July 2019 and a 0.9% increase compared to June 2020.
Sales of apartment homes reached 1,400 in July 2020, a 12.6% increase compared to the 1,243 sales in July 2019. The benchmark price of an apartment property is $682,500. This represents a 4.2% increase from July 2019 and a 0.3% increase compared to June 2020.
Attached home sales in July 2020 totalled 607, a 28.3% increase compared to the 473 sales in July 2019. The benchmark price of an attached home is $797,700. This represents a 3.7% increase from July 2019 and a 0.9% increase compared to June 2020.
Read the original article from the Real Estate Board of Greater Vancouver here
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