Vancouver Real Estate Stats July.2020 - Housing Market

Vancouver Real Estate Stats July.2020 - Housing Market

Vancouver Real Estate Stats July.2020 – Housing Market

The Housing market is steadily picking up

Homebuyer and seller activity in Metro Vancouver* exceeded historical levels in July.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,128 in July 2020, a 22.3 per cent increase from the 2,557 sales recorded in July 2019, and a 28 per cent increase from the 2,443 homes sold in June 2020.

Last month’s sales were 9.4 per cent above the 10-year July sales average.

Let’s take a look at the sales-to-active listings ratio:

  1. 25.1% for detached homes
  2. 31.1% for townhomes
  3. 24.7% for apartments

 

Total Sales in Detached homes, condo, and Townhouses:

  1. Detached home: 1121, houses sold – 33.3% increased from July.2019 – The benchmark price for a detached home is $1,477,800.
  2. Condo: 1243 apartment sold – 12.6% increased from July.2019 – The benchmark price of an apartment property is $682,500.
  3. Townhouse: 607 townhomes sold – 28.3% increased from July.2019 – The benchmark price of an attached home is $797,700

Note: Is that really coming back??? I don’t think so; it really depends on the Covid-19, and the 2nd wave is coming for sure. If you are a seller, and really want to sell you home, please sell them within the next 1-2 months. If you are a home buyer, try to wait a bit longer, after Sept, the price might be dropped a bit.