VANCOUVER EAST JUNE HOUSE MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release opines that a Buyer / Seller standoff is underway in Metro Vancouver as hesitant Buyers try to time the optimum market entry point while Sellers struggle to realign value expectations rooted in a more robust past. The effect being that not since the year 2000 have average home sales been so low for the month of June. Last month residential detached, attached and apartment sales drop 14.4 percent compared to June 2018. Year to year the total inventory of listed properties is up 25.3 percent even with a decline in new listings of 10 percent in that same time period. June to June the composite value of all Metro Vancouver properties is down 9.6 percent.
The graph shows the average price for Metro Vancouver detached properties in June down from May by 6.3 percent. The benchmark price for detached homes last month compared to June 2018 is down 10.9 percent. The volume of house sales is 2.6 percent lower year to year.
East side house prices year over year are down 12.1 percent. Last month versus June 2018 Vancouver east detached sales fall 12.4 percent. June to June inventory is down 21.6 percent.
May to June east side house sales momentum stalls with a 31.5 percent drop. Month to month east side inventory is down by 13.7 percent.