The Greater Vancouver housing market saw further reduction in buyer demand last month. Residential property sales totalled 2,098 on greater Vancouver’s Multiple Listing Service in July; this is a decline of 18% compared to July 2011 and 31% below the ten year sales average for the month. This total amounts to the lowest selling July in our market since 2000.
Home sellers listed just over 4,800 properties for sale in Greater Vancouver in July. This is a decline of just about 15% from June. It represents the lowest total of any new listings for any month so far this year. There are just under 18,100 properties currently listed on our MLS, that’s a 2% decrease from last month and about a 19% decrease over last year.
Today our sales to active listings ratio sits at 11%, which places us in the upper end of a buyer’s market. In a buyer’s market purchasers typically have more selection to choose from and more time to make decisions. Generally analysts say that downward pressure on home prices occurs when the ratio dips around the 10-12% mark, while home prices often experience upward pressure when it reaches the 20-22% range for a sustained period of time.
The MLS HPI benchmark price for all residential properties in the region is currently $616,000, that’s an increase of less than 1% compared to July 2011. However, we have seen slight reductions in home prices over the last 3 months.
Market Stats from the Real Estate Board of Greater Vancouver