VANCOUVER WEST JULY HOUSE MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release reports that last month, Real Estate sales are 35.2 percent below the 10 year average for July. The resulting expansion of supply is giving Buyers more selection and time to decide but they remain cautious due to inflation and fluctuating interest rates. As a result, to the detriment of Sellers, prices are edging down. New listings last month are 9.5 percent lower than July a year ago and total inventory of listed properties falls 4.4 percent year to year. Annual sales of all residential properties in Metro Vancouver decrease 43.3 percent last month. The composite value of all properties is 10.3 percent higher July to July.
The graph shows a reduction of 2.9 percent from June to July in the average price for detached properties. When the sales-to-active ration dips below 12 percent, downward pressure on prices occurs. Last month the sales-to-active ration for detached homes was 11.8 percent. The benchmark price for houses in July 2022 is 11 percent higher than last July. Year to year the volume of detached home sales is down by 50.2 percent.
Last month versus July 2021, Vancouver west detached prices increase 1.3 percent. Year to year west side house sales are down 50.5 percent. July 2022 inventory is 15.5 percent lower than that of the previous July.
From June to July west side house sales drop 35.2 percent. Month to month detached inventory is down 31.1 percent.