Beware of Upbeat headlines…Metro Vancouver housing market sees summer uptick in sales - But what about prices!! Read on…
Home buyer activity definitely increased to more typical levels in Metro Vancouver throughout the summer months.
The Real Estate Board of Greater Vancouver (REBGV) has reported that residential home sales in the region totalled 2,231 in August 2019, a 15.7 per cent increase from the 1,929 sales recorded in August 2018. However, a 12.7 per cent decrease from the 2,557 homes sold in July 2019.
Last month’s sales were still 9.2 per cent below the 10-year August sales average.
“Home sales returned to more historically normal levels in July and August compared to what we saw in the first six months of the year, but that is honestly not saying much!
There were 3,747 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2019. This represents a 3.5 per cent decrease compared to the 3,881 homes listed in August 2018 and an 18.8 per cent decrease compared to July 2019 when 4,613 homes were listed. This is a great step forward. If we can take most of the overpriced (speculative) listings off the market, buyers will be left with a realistic look at the what the market has to offer.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 13,396, a 13.3 per cent increase compared to August 2018 (11,824) and a 5.9 per cent decrease compared to July 2019 (14,240).
Sales of detached homes in August 2019 reached 706, a 24.5 per cent increase from sales recorded in August 2018. The benchmark price for detached homes is $1,406,700. This represents a 9.8 per cent decrease from August 2018 and 0.7 per cent decrease compared to July 2019. This benchmark decrease explanis why more buyers are willing to pull the trigger. Sellers would be wise not to speculate that buyers will continue in vain if the benchamark does not continute to decrease!
Apartment sales reached 1,116 in August 2019, an 8.9 per cent increase compared to the 1,025 sales in August 2018. The benchmark price of an apartment property is $771,000. This represents a 7.4 per cent decrease from August 2018 and a 0.1 per cent increase compared to July 2019.
Attached home sales in August 2019 were up by 21.4 per cent compared to August 2018. The benchmark price however, decreased 7.8 per cent from August 2018, but a 0.2 percent increase compared to July 2019.
Summary: Tread carefully as a buyer or a seller.
Please do not hesitate to give me a call to discuss your real estate options. Anyone can list your home, but few have the ability to really position your home correctly in this ever changing environment.