Today's activity continues to benefit Sellers as home buyers compete for the homes available for sale. REALTOR®'s registered 3, 978 sales in July. This is up 30% compared to last year and is 33.5% above the 10 Year Average for the month.
- strong consumer confidence,
- low interest rates, and
- a reduced supply of homes for sale.
All total there are 11,505 listed on the MLS®. This is down more than 26.3% compared to last year and is the lowest total we have seen in July since 2006.
The Benchmark Price for all residential properties rose to $700,500 in July. That's up 11.2% over the last twelve months. At 16.2% detached homes have seen the largest increase over the last year where as condominiums and townhomes have increased between 6 and 8%.
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 gives us a Sales-to-Active Listing Ratio of 34.6%.
Generally analyst say that downward pressure on home prices occurs when the ratio dips below the 12% mark and home prices often experience upward pressure when it reaches 20% in a particular community for a sustained period of time.
The detached home market in the City of Vancouver receives considerable media attention. This often over shadows other housing options available to home buyers today.
There have been roughly 25,000 home sales on MLS® in Metro Vancouver for this year. Of those sales 73% have for less than one million dollars. When broken down by property type we see that that 57% of the sales have been either townhome or condominium properties and the remaining 43% were detached homes.
We live in a large, diverse region. The cost of a home varies considerably depending on your neighborhood and property type of choice.
Detached homes in Vancouver are at the high end of our market. Recent activity has pushed homes on Vancouver's Westside above $2.6 million. Detached homes in Maple Ridge often sell in the $500,000 range, in Ladner in the $700,000's and in Coquitlam homes typically sell in the $800,0000 range. The price of condominiums today range between $200,000 and $600,000 depending on the size and location. Townhomes range between $300,000 and $800,000 in the region.
For a video version of the Real Estate Board of Greater Vancouver July 2015 Stats click here
When researching the housing market it is important to widen the lense to make sure you are looking at all the housing options available to you today.