{"id":13362,"date":"2019-08-02T09:33:14","date_gmt":"2019-08-02T16:33:14","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=13362"},"modified":"2019-08-02T09:37:16","modified_gmt":"2019-08-02T16:37:16","slug":"rebgv-home-sales-increase-in-july","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/08\/rebgv-home-sales-increase-in-july\/","title":{"rendered":"REBGV Home Sales Increase in July"},"content":{"rendered":"<p style=\"text-align: justify;\">Home buyer demand picked up across Metro Vancouver last month, making July, a traditionally quieter month in real estate, the second highest selling month so far this year.<\/p>\n<p style=\"text-align: justify;\">The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,557 in July 2019, a 23.5% increase from the 2,070 sales recorded in July 2018, and a 23.1% increase from the 2,077 homes sold in June 2019.<\/p>\n<p style=\"text-align: justify;\">Last month\u2019s sales were 7.8 per cent below the 10-year July sales average.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile home sale activity remains below long-term averages, we saw an increase in sales in July compared to the less active spring we experienced,\u201d Ashley Smith, REBGV president said. \u201cThose looking to buy today continue to benefit from low interest rates, increased selection, and reduced prices compared to the heated market a few years ago.\u201d<\/p>\n<p style=\"text-align: justify;\">There were 4,613 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service\u00ae (MLS\u00ae) in Metro Vancouver in July 2019. This represents a 3.3% decrease compared to the 4,770 homes listed in July 2018 and a 2.9% decrease compared to June 2019 when 4,751 homes were listed.<\/p>\n<p style=\"text-align: justify;\">The total number of homes currently listed for sale on the MLS\u00ae system in Metro Vancouver is 14,240, a 17.3% increase compared to July 2018 (12,137) and a 4.9% decrease compared to June 2019 (14,968).<\/p>\n<p style=\"text-align: justify;\">For all property types, the sales-to-active listings ratio for July 2019 is 18%. By property type, the ratio is 13.5% for detached homes, 20 per cent for townhomes, and 22% for apartments.<\/p>\n<p style=\"text-align: justify;\">Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.<\/p>\n<p style=\"text-align: justify;\">\u201cTo better understand conditions in your property type or neighbourhood of choice, it\u2019s important to work with your local REALTOR\u00ae. They can help you develop a strategy to reach your long-term real estate goals,\u201c Smith said.<\/p>\n<p style=\"text-align: justify;\">The MLS\u00ae Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $995,200. This represents a 9.4% decrease over July 2018 and a 0.3% decrease compared to June 2019.<\/p>\n<p style=\"text-align: justify;\">Sales of detached homes in July 2019 reached 841, a 32% increase from the 637 detached sales recorded in July 2018. The benchmark price for detached properties is $1,417,000. This represents a 10.5% decrease from July 2018, and a 0.5% decrease compared to June 2019.<\/p>\n<p style=\"text-align: justify;\">Sales of apartment homes reached 1,243 in July 2019, a 15.2% increase compared to the 1,079 sales in July 2018. The benchmark price of an apartment property is $653,200. This represents an 8.8% decrease from July 2018, and a 0.2% decrease compared to June 2019.<\/p>\n<p style=\"text-align: justify;\">Attached home sales in July 2019 totalled 473, a 33.6% increase compared to the 354 sales in July 2018. The benchmark price of an attached unit is $770,000. This represents a 9% decrease from July 2018, and a 0.6% decrease compared to June 2019.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/members.rebgv.org\/news\/REBGV-Stats-Pkg-July-2019.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Click here<\/a> to view the July 2019 stats package.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Home buyer demand picked up across Metro Vancouver last month, making July, a traditionally quieter month in real estate, the second highest selling month so far this year. The Real &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/08\/rebgv-home-sales-increase-in-july\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-13362","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>REBGV Home Sales Increase in July &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2019\/08\/rebgv-home-sales-increase-in-july\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"REBGV Home Sales Increase in July &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Home buyer demand picked up across Metro Vancouver last month, making July, a traditionally quieter month in real estate, the second highest selling month so far this year. 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