With buyer demands below historical averages in June, the supply of homes for sale has continued to accumulate in Greater Vancouver. The total amount of home sales were down 21.3% compared to May 2019.
And last month’s sales were 34.7% below the 10-year June sales average. Which is the lowest total for the month since 2000.
Home buyers haven’t had this much selection to choose from in five years.
For sellers to be successful in today’s market, it’s very important to work with your real estate agent to make sure you’re pricing your home correctly. Properties are still selling if they are priced correctly!
We’re continuing to see an expectation gap between home buyers and sellers. Sellers are often trying to get yesterday’s price for their homes while buyers are having patience and waiting for the right property.
Detached home prices are down 10.9% year-over-year in June, while condo prices down an 8.9% decline-year over-year.
Last month compared to May:
Townhouses: The benchmark price is $774,700. This represents 0.6% decrease compared to May 2019.
Condos: The benchmark price is $654,700. This represents a 1.4% decrease compared to May 2019.
Detached Houses: The benchmark price is $1,423,500. This represents a 0.1% increase compared to May 2019.
For all property types, the sales-to-active listings ratio for June 2019 is 13.9%. By property type, the ratio is 11.4% for detached homes, 15.8% for town homes, and 15.7% for apartments.
For East Vancouver Stats Report: Click Here
For Westside Vancouver Stats Report: Click Here
For North Vancouver Stats Report: Click Here
If you’d like a report for your area please email us and we can send that you.
Hope everyone is having a great day!