Typically, the real estate market will slow down in the summer months, with an increase slightly in mid - September and then take a slower turn as it approaches November. Below are the statistics for July 2018 in comparison to July 2017.
Detached Properties: One year Change
Total Active Listings 858 +6.3%
Sales 57 -23%
Days on Market Average 54 +50%
MLS HPI Benchmark Price $3,356,500 -8.4%
Total Active Listings 1203 +20.2%
Sales 295 -25.5%Days on Market Average 17 +52.9%
MLS HPI Benchmark Price $835,200 +6.6%
Total Active Listings 198 +22%
Sales 39 -2.5%
Days on Market Average 29 +107%
MLS HPI Benchmark Price $1,288,600 +4.0%
What does all this mean?
In the detached home market on the west side of Vancouver, prices are down around 8% from last year, sales activity is down as well, and listings are up. All of this creates a BUYER'S MARKET - great time to BUY!
For condos, activity continues to be strong, with prices up, listing numbers up, but activity down in the summer months. It is a SELLER'S MARKET.
For townhomes, which is a small market on the west side, listings are up, sales slightly down but prices still on the rise. One reason for this is lack of supply and high demand, especially amonst the down sizing crowd. This is a BALANCED MARKET.