Sales Volumes & New Listings Down. Benchmark Prices Unchanged.
August sales volumes have fallen more in line with what is typical for this time of year, but inventory remains low overall, keeping demand and prices steady. Certain areas and property types (eg Kitsilano condos) remain hot markets and are still seeing multiple offers with low average contract days on market.
Although 12% lower than June 2021, sales volumes were still 13% above the 10-year average and 6% higher than July 2020. At the same time, the number of newly listed homes was 12% below the 10 year average and 25% less than July 2020.
Below is a recap of the most relevant insights, as reported by the REBGV:
- There were 3326 home sales in Vancouver for July 2021, which is a 6% increase over the same month in 2020 and 13% over the 10-year average. That said, sales were 12% lower than they were in June 2021. The MLS® Benchmark Price increased 15% overall during the past 12 months, inclusive of all property types.
- There were 4,377 homes newly listed for sale on the Multiple Listing Service® (MLS®) for July 2021. This is 26% less than the 5,948 homes listed in July 2020 and a 25% decrease compared to June 2021 when 5,849 homes were listed.
- The sales-to-active-listings ratio for all homes in July 2021 was 34%. 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 July sales-to-listing ratio was 26% for houses, 48% for townhomes, and 37% for condos.
- For detached homes, the benchmark pricing is $1,801,100. This is a 21% increase from July 2020 and remains virtually unchanged from June 2021. There was a 6% decrease in detached home sales in compared with July 2020.
- For apartments, the number of sales went up 19% from July 2020 to July 2021. The benchmark price for an apartment went up 8% to $736,900 over the past year but is almost on par with June, 2021.
- Sales of of duplex and townhouse homes jumped .5% when comparing July 2020 and 2021. Benchmark pricing went up 17% to $949,900 over the same time frame and negligibly since June, 2021.
- Neighbourhood reports for July 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.
Have questions about how this affects your home sale or purchase, market trends in your specific neighbourhood, or anything else? Reach me at 778 321 0091, firstname.lastname@example.org or use the link below.