Last month was the highest selling June and second highest monthly total on record for the Real Estate Board of Greater Vancouver.
There were 4, 375 sales on our MLS® last month. This is up 28% compared to last year and nearly 30% above the 10 Year June Average.
June also marked the fourth consecutive month that sales surpassed 4,000 in the region. This is another first in our history.
We are seeing a steady stream of new listings entering the market today but the overall number of homes for sale is not keeping up with Buyer demand. There were 5, 803 homes listed for sale last month, that's up 8.7% from last year. All total, there are 12, 181 homes listed on the MLS®. This is down 24% compared to last year and the lowest total we have seen in June since 2006.
In short, there is an increasing number of Buyers competing for fewer home listings. This increasing upward pressure on home prices.
The June MLS® HPI benchmark price on all residential properties rose to $694,000, that is up 10.3% over the last twelve months. At 15% detached home prices has seen the largest increase over the last year while condominiums and townhomes have increased between 5 and 7%.
To help us better understand the strength of today's market we measure home buyer demand fueled by home sales against home seller supply fueled by the number of home listings. This measurement today give us a sales-to-active listings ratio of 35.9%.
Generally analyst's say that downward pressure of home prices occurs when the ratio dips below the 12% mark. While home prices often experience upward pressure when it reaches 20% in a particular community for a sustained period of time.
The competition for homes in today makes it difficult and sometimes frustrating for home buyers. Just because buyers have less time to make decisions, have fewer housing options to choose from and less flexibility in negotiations. To have success in a strong sellers market
it becomes even more important to work with a local REALTOR®. By working with a REALTOR®, you gain quick access to the newest MLS® listings , local market expertise, negotiation skills, the latest market statistics and a connection to a network of other REALTORS® and clients active in the community. Your REALTOR® will help you develop a buying strategy that meets your needs and your risk appetite. Perhaps most importantly they provide the expertise and protections that come from hiring professional representation.