Although it seems as if people in have become numb to hearing about Vancouver real-estate market records being broken on a regular basis, July finally brought about some relief from the non-stop acceleration we’ve been seeing so far. This year, there were 3,226 sales in July. This represented both a decrease from last July, and from June of this year.
Compared to July 2015, sales slowed by 18.9%, and even when compared to June 2016, sales were down 26.7%. It has been seven months since overall sales levels were below 4,000 in a one-month period. July this year marked what would be deemed more typical real-estate activity in the area, compared to the unrelenting record breaking that preceded it.
Biggest Downturn in Detached Houses
Sales of detached homes plunged the furthest in Vancouver this July. While apartment style condo sales dropped by only 7.3%. For detached homes, the drop was a much steeper 30.9%. Attached properties fell somewhere in the middle, with a 20.7% year-over-year decrease. It is worth nothing however, that despite these drops when compared to a blockbuster 2015, the overall sales figures were still 6.5% higher than the 10-year average for July.
The average price of a detached home in Vancouver did drop somewhat in July, but still remained at a nation-leading $1.7 million. The average price of apartment-style homes landed at $573,750 at the end of the month, while attached homes cost an average of $795,529 in the city.
On a year-over-year basis, the price increases seen in Vancouver are mind-boggling, especially in detached homes. In West Vancouver, for instance, the benchmark price for a single-family detached home has increased 41.1% to $3,365,600, while in Richmond prices have climbed 47.4% to a new benchmark of $1.717,100. Compared to last month, benchmark prices held steady in most parts of Greater Vancouver, with a few, including Burnaby North, even seeing a slight decrease.
New Listings Appear to Be Dropping in Vancouver
When compared to the month of June, listings were actually down by 10.8% this July. On a year-over-year basis, July showed 2.5% more listings than the previous year, but a double digit drop-off from the previous month is worth noting. This year’s July registered 5,241 new listings for all types of residential property. However, the total number of homes active on the market in the Greater Vancouver Area only totaled 8,351 at the end of the month. This represents 27.4% fewer homes than were available at the the same time last year.
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