Last month’s Metro Vancouver Real estate numbers have been released, and even though the market is still very active, there shows a slowing heading into the summer months. Below is the paraphrased report.
Home buyers continue to compete for homes listed for sale across the Metro Vancouver housing market.
Last month’s sales were 28.1 per cent above the 10-year sales average for the month and rank as the highest selling June on record.
“While we’re starting to see more properties coming onto the market in recent months, the imbalance between supply and demand continues to influence market conditions,” Dan Morrison REBGV president said.
“Since March, we’ve seen more homes listed for sale in our market than in any other four-month period this decade,” Morrison said.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period of time.
The sales-to-active listings ratio- June 2016 it is 56.3 per cent. The lowest it has been since February, but it is still considered a sellers’ market.
Home Price Index- Metro Vancouver $917,800 ↑ 32.1% from June 2015
Residential property sales in June were 4,400 units – ↑ 0.6% from the 4,375 in June 2015 but ↓7.7% from May 2016 when there were 4,769 units sold.
New listings totaled 5,875 in June ↑ 1.2% from June 2015 where 5,803 were listed. This is ↓ 6.6% from May 2016 where 6,289 properties were listed.
Current Listings on MLS- 7,812- ↓35.9% compared to June 2015 and ↑ 1.1% from May 2016
Sales of detached properties in April, 2016 for Metro Vancouver:
– 1,562 units – ↓ 18.6% compared to 1,920 sales in June 2015.
The benchmark price ↑ 38.7% from the year before to $1,561,100.
Sales of apartment/condo properties in April, 2016 for Metro Vancouver:
– 2,108 units – ↑ 18.8% compared to 1,774 sales in June 2015.
The benchmark price of an apartment property ↑ 25.3% from the year before to $501,100.
Sales of attached property/town homes in April, 2016 for Metro Vancouver:
– 730 units – ↑ 7.2% compared to 681 sales in June 2015.
The benchmark price of an attached property ↑ 28.1% from the year before to $686,900.