Greater Vancouver Housing Market – Current Statistics for June 2016
Here is a quick summary of what happened in the Vancouver real estate market during the month of June. If you would like a complimentary copy of the complete SnapStats report, including neighborhoods-level sales and price statistics, please give me a call at 778-558-9948 or email me at email@example.com To view the email I sent to my subscribers, please click here
June was another strong month for the Real Estate market and the highest selling June on record. It is interesting to notice that the detached market sales decreased by 18.6% in one year since June 2015 while the condo market sales increased by 18.8%. Perhaps the sharp price increase of houses explains why. The benchmark price for detached properties increased 38.7 per cent from June 2015 while condos increased by 25.3% over last year.Buyers Alert! Multiple offers don’t always occur. The market is dynamic and far from being static. The Real Estate trends vary by location. Roll up your sleeve again, ensure that you have a winning strategy (mortgage financing approval, bank draft and letter to the owner ready), have your realtor negotiate your best interests and go get your home!
SPECIAL TOOLS FOR YOU! I’m very pleased to announce that last month I have added two more tools to my online suite to help you navigate the financials behind buying a home. If you are interested in how much a much a mortgage will cost you ‘upfront’ and ‘monthly’, check out the “Mortgage Tool”. Try playing around with the size of your downpayment to see how it will affect your monthly costs.
If you are looking to invest, please have a look at the “Investor Tool”. Use the interactive toggles on the left to see how changes to the purchase price, down payment size, and rent all affect your monthly cash flow. Will your property be cash flow positive? Remember that you can download every calculation you make to excel in the ‘Summary’ tab.
If you have any questions, please send me an email and I would be happy to answer them.
Watch the Real Estate Board of Greater Vancouver video below for the overall monthly summary or get the market speed for your home in your neighborhood with Market Speedo and the SnapStats report.
Once again, for the ones that like to read, simply scroll down below for the market summary.
Happy read, happy watch and enjoy the summer!
Home Buyers Remain Active Across Metro Vancouver
Last month’s sales were 28.1 per cent above the 10-year sales average for the month and rank as the highest selling June on record.”While we’re starting to see more properties coming onto the market in recent months, the imbalance between supply and demand continues to influence market conditions,” Dan Morrison REBGV president said.
“Since March, we’ve seen more homes listed for sale in our market than in any other four-month period this decade,” Morrison said.
Number of Sales: 4,400 or 0.6% increase compared to 4,375 sales recorded in June 2015, and a decrease of 7.7 per cent compared to the 4,769 sales in May 2016. Sales of detached properties in June 2016 reached 1,562, a decrease of 18.6 per cent from the 1,920 detached sales recorded in June 2015. Sales of apartment properties reached 2,108 in June 2016, an increase of 18.8% per cent compared to the 1,1774 sales in June 2015.
Percent of Original List Price Received at Sales: 100.2%, which is 1.8% higher than June 2015.
Sales-to-Active-Listings Ratio: 56.3% vs 33% in June 2015. A seller’s market typically occurs when this ratio exceeds 20 per cent for a sustained period of time. *** The Sales Ratio in June 2016 was 95% in Downtown Vancouver and 27% in Vancouver Westside for the Detached Home Market. It’s a great time to list your home especially downtown Vancouver!
Total Inventory: 7,812, a decline of 35.9% compared to this time last year (12,181), and a 1.1% increase compared to May 2016 (7,726). There were 5,875 homes listed for sale listing in Metro Vancouver last month, an increase of 1.2% compared to the 5,803 new listings reported in June 2015 and a 6.6 per cent decrease compared to May 2016 when 6,289 properties were listed.
Benchmark Price: $917,800 an increase of 32.1% over June 2015. The benchmark price for detached properties increased 38.7 per cent from June 2015 to $1,561,500. Condos increased by 25.3% over the last year to $501,100.
Median Days on Market: 10 days vs 16 days in June 2015. If we take a closer look at Downtown Vancouver, the Median Days on Market remained at 8 days since March 2016. For more information about your neighborhoods-level sales and price statistics, I strongly encourage you to download the latest SnapStats Report.