VANCOUVER EAST JULY HOUSE MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release highlights moderation forces dominating the July Metro Vancouver Real Estate Market. Conditions are aligning with typical seasonal patterns, although last month’s sales exceed the 10 year average for July by 13.3 percent. A price watch is on as our housing supply lowers, and the question is will demand for a smaller supply elevate or mitigate value? Sales of residential properties last month increase 6.3 percent compared to July 2020. New listings are 26.4 percent less year to year while the total inventory of listed properties is down 18.5 percent July to July. Last month the annual composite value of all properties rises 13.8 percent.
The graph shows a decline of 3.2 percent from June to July in the average price for detached properties. The benchmark price for detached homes this July is 21 percent higher than last July. The volume of house sales slips down 6.3 percent year to year.
July 2021 versus last July, east side house prices are 13.8 percent higher. Year over year Vancouver east detached sales increase by 2.7 percent. July to July inventory is 37.7 percent lower.
From June to July east side house sales slip 7.1 percent. Month to month east side inventory is down 45.9 percent.