July continued the trend we have been seeing for several months: lower inventory, and higher sales driving a Seller's market in the Vancouver area. Metro Vancouver home sales were more than a third above the 10-year average in July, while the number of homes listed for sale continues to trend below recent years.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver* reached 3,978 on the Multiple Listing Service® (MLS®) in July 2015. This represents a 30% increase compared to the 3,061 sales recorded in July 2014, and a decrease of 9.1% compared to the 4,375 sales in June 2015.
Last month’s sales were 33.5% above the 10-year sales average for the month.
“Today’s activity continues to benefit sellers as home buyers compete for the homes available for sale,” Darcy McLeod, REBGV president said.
The total number of properties currently listed for sale on the region’s MLS® is 11,505, a 26.3% decline compared to July 2014 and a 5.5% compared to June 2015.
"Much of today’s activity can be traced to strong consumer confidence, low interest rates, and a reduced supply of homes for sale.” McLeod said. “We have about 5,000 to 6,000 fewer homes for sale today than we've seen at this time of year over the last five to six years."
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See below for info on Vancouver's east and west sides. Contact me if you'd like more information on this, or on an area not covered here.
Here are the stats: