The supply of homes continues to accumulate in Metro Vancouver, as buyer demand remains below long-term historical averages for June. Last month’s sales were 34.7% below the 10-year June sales average, marking the lowest total for the month since 2000.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $998,700. This represents a 9.6% decrease from June 2018, and a 0.8% decrease compared to May 2019, and is the first time the composite benchmark has been below $1 million since May 2017.
If you’re a buyer or seller trying to keep up with the market trends, getting the pricing right is the key to success. Stilhavn’s team of top REALTORS® is here to help you navigate the industry.
According to the Real Estate Board of Greater Vancouver (REBGV), home sales saw a 14.4% decrease from June 2018 and a 21.3% decrease from the number of homes sold in May 2019.
Supply Continues to Increase as Demand Decreases
There are almost 15,000 homes currently listed on the Multiple Listing Service® (MLS®) system in Metro Vancouver, a 25.3% increase compared to June 2018 and a 1.9% increase from May 2019.
“Home buyers haven’t had this much selection to choose from in five years,” says Ashley Smith, REBGV president. “For sellers to be successful in today’s market, it’s important to work with your local REALTOR® to make sure you’re pricing your home for these conditions.”
In June 2019, there were 4,751 newly listed properties on Metro Vancouver’s MLS® system. This represents a 10% decrease compared to June 2018, and an 18.9% increase compared to May 2019.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 14,968. This represents a 25.3% increase compared to June 2018, and a 1.9% increase compared to May 2019.
Lowest Composite Benchmark Price since May 2017
Sales of detached homes in June 2019 reached 746, a 2.6% decrease compared to June 2018. The benchmark price for a detached home is now $1,423,500. This represents a 10.9% decrease from June 2018, and a 0.1% increase compared to May 2019.
There were 941 sales of apartment homes in June 2019, a 24.1% decrease compared to June 2018. The benchmark price of an apartment property is $654,700. This represents an 8.9% decrease from June 2018, and a 1.4% decrease compared to May 2019.
Attached home sales in June 2019 saw a 6.9% decrease with 390 homes sold compared to 419 in June 2018. The benchmark price of an attached home is $774,700. This represents an 8.6% decrease from June 2018, and a 0.6% increase from May 2019.