VANCOUVER WEST AUGUST 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 29.2 percent below the 10 year average for August. Buyers and Sellers are reassessing their motivation in light of upward pressure on interest rates and in turn, inflation. The result of this wait-and-see zeitgeist is a continued downward trend for prices. New listings last month are 17.5 percent lower than August a year ago while total inventory of listed properties rises 7.3 percent year to year. Sales of all residential properties in Metro Vancouver decrease 40.7 percent last month versus August 2021. The composite value of all properties is 7.4 percent higher August to August.
The graph shows a decline of 2.3 percent from July to August in the average price for detached properties. The benchmark price for houses in August 2022 is 7.9 percent higher than last August. Year to year the volume of detached home sales is down by 45.3 percent.
Last month versus August 2021, Vancouver west detached prices dip down 0.5 percent. Year to year west side house sales are down 24 percent. August 2022 inventory is 14.3 percent lower than that of the previous August.
From July to August west side house sales turn around with a 23.9 percent ascension. Month to month detached inventory is up 9.9 percent.