The Greater Vancouver real estate market sees a hot summer market for July 2020.
The Real Estate Board of Greater Vancouver Reports Increased Sales for July 2020
Just like the month previously, Vancouver’s real estate market continues to see an increase for July. The Real Estate Board of Greater Vancouver (REBGV) reported a total of 3,128 home sales for July 2020. A 22.3% increase compared to July 2019. July 2019 had a total of 2,557 homes sold. As well as a 28% increase compared to the 2,443 homes that sold June of this year.
The sales for July 2020 were above the 10-year July sales average.
Vancouver Real Estate Sees an Increase of Listings for July 2020
July 2020 had a total of 5,948 new listings on the MLS® system. The number of new listings surpasses July 2019. In comparison, July 2019 had 4,613 homes listed.
Compared to June 2020, July had a 2.8% increase. June 2020 had a total 5,787 homes listed.
Active Listings Continue to Increase Compared to June
Similarly active listings continued to increase for July when compared to June 2020. July 2020’s Vancouver real estate market had a total of 12,083 active listings. Compared to June 2020 this is a 5.8% increase. June 2020 had a total of 11,424 active listings.
Compared to July 2019 this is a 15.1% decrease. July 2019 had a total of 14,240 listings.
A Seller’s Market for all Property Types in Greater Vancouver
Greater Vancouver saw all real estate enter a seller’s market for July 2020. Overall the real estate market had an active to sales ratio of 25.9%. Similarly the ratio for detached homes was 25.1%. Town homes had a ratio of 31.1%. Apartments had a ratio of 24.7%.
The Benchmark Price for Homes in Metro Vancouver sees Slight Increase
The benchmark price for all residential properties in Metro Vancouver was $1,031,400. Compared to July 2019 this is a 4.5% increase. This is a 0.6% increase compared to June 2020.
Detached homes had a benchmark price of $1,477,800. While apartments had a benchmark price of $682,500. Townhouses had a benchmark price of $797,000.