Vancouver West Houses 17 6
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release tells a tale of two titles as strata properties dominate while single detached properties see an easing in demand. While the sales-to-active listings ratio for single-family homes is nowhere near the threshold triggering downward pressure on value, demand is not being met for condominiums in particular causing multiple offers that are inflating average prices for that sector. Overall sales exceeded the 10 year average for the month of June by 14.5 percent however in June 2017 residential sales drop 11.5 percent from the all time record set in the previous June. The total inventory of listed properties is up by 9 percent annually but year to year new listings are 2.6 percent lower. June to June the composite value of all Metro Vancouver properties is up 7.9 percent.
The graph illustrates that the average price for Metro Vancouver detached properties readjusts downward by 6.4 percent from May to June. The benchmark price for detached houses last month compared to June 2016 is up 7.9 percent. The volume of house sales is down 15.5 percent year to year.
Last month versus June 2016 Vancouver west detached prices are 2.3 percent higher. Year to year west side house sales are down by 26.3 percent. June to June inventory is 4 percent lower.
May to June sales of west side houses plummet by 40.1 percent. Month to month detached inventory increases 22.2 percent.