Vancouver Real Estate Market Update For July 2018Posted on August 07, 2018
This July, Vancouver saw one of the hottest months in a long time, and it also brought a change to Metro Vancouver’s real estate market. With the state of the current market, now is the perfect time start thinking about moving up, from an attached to detached property due to lower benchmark prices and less competition. If you’re thinking about selling, in this shifting market you need to make sure you have the right team with the best marketing and selling strategies to make sure you get the best results possible.
The Sales to Active ratio for all property types for July 2018 is currently sitting at 17.1%. Detached homes are currently seeing a ratio of 9.9%, townhomes are sitting at 20.2%, and a ratio of 27.3% for condominiums. With these statistics, we are definitely in a seller’s market when it comes to condos, and townhomes just sitting within the seller’s market. When it comes to the detached market, it is definitely in the buyer’s market, making this the perfect opportunity for anyone wanting to move up in the market and into a detached home.
In the detached market, there were 6,245 active listing on the MLS, with a total of 637 properties being sold which is a 32.9% decrease compared to this time last year. The benchmark sale price for detached homes is currently $1,588,400, with properties averaging a total of 47 days on the market.
With the apartment market, there were 3,959 properties listed on the MLS, with a total of 1,079 properties being sold which is a 26.5% decrease compared to this time last year. The benchmark sale price for apartments is currently $700,500, with properties averaging a total of 24 days on the market.
In the attached market, there were 1,753 properties listed on the MLS, with a total of 354 properties being sold which is a 34.8% decrease compared to this time last year. The benchmark sale price for detached homes is currently $856,000, with properties averaging a total of 27 days on the market.
Ready to jump into the market? Whether you are looking to buy, sell, or learn more about the market changes, reach out to our team today! We’ll help you make the right move!