Home Sales Down from June but Remain Strong at 18% Above 10-year Average
Sales slowed in June, 2021 with 12% fewer homes purchased than in May, but the market remains elevated with numbers 18% over the 10-year average and 54% above June, 2020.
Below is a recap of the most relevant insights, as reported by the REBGV.
- There were 3762 home sales in Vancouver for June 2021, which is a 54% increase over the same month in 2020 and 18% over the 10-year average. That said, sales were 12% lower than May, 2021. Benchmark pricing increased 15% overall during the past 12 months.
- The sales-to-active-listings ratio for all homes in June 2021 was 35%. According to analysts, prices generally decline when this ratio falls below 12% for a sustained period of time, and increase when it rises above 20% over several months.
- Broken down by property type, the June sales-to-listing ratio was 28% for houses, 50% for townhomes, and 37% for condos.
- For detached homes, the benchmark pricing is $1,801,800. This is a 22% increase from June 2020 and almost unchanged from May 2021. This increase goes hand-in-hand with a 46% increase in detached home sales over the year.
- For apartments, the number of sales went up 66% from June 2020 to June 2021. The benchmark price for an apartment went up 9% to $737,600 over the past year but is almost on par with May, 2021.
- Sales of of duplex and townhouse homes jumped 54% when comparing June 2020 and 2021. Benchmark pricing went up 17% to $946,900 over the same time frame and 1% since May, 2021.
- Neighbourhood reports for May will be out shortly and you can always find the latest for North Vancouver, West Vancouver, Vancouver West and Vancouver East by clicking here. Alternatively, send me an email and I'll make sure they get to you.
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