Early June Stats Highlight Potential Trends In the Vancouver Real Estate Market
As always, this is the mid month REBGV real estate stats. This should give us a rough idea of how the final June numbers shape up. New listings have been trending up in recent months, which is partly seasonal. Sales have rebounded nicely after a substantial plunge near the end of 2016. Here’s how it looks midway through June, 2017.
REBGV detached sales were down 10% compared to the first couple weeks of June, 2016. Through the first 15 days there have been 685 sales, which is 3% below the 10 year average for this time period. Meanwhile, new listings have surged. With 1440 new listings so far, that’s 14% above the 10 year average and record for the past 10 years.
Townhouse sales are performing well in early June. There were 302 Sales through the first 15 days of June, which was 15% above the 10 year average, and a slight jump year over year. New listings are right on par with last year, but still below normal levels. New listings were 16% below the 10 year average.
The condo market continued it’s torrid pace through the first few weeks of June. Sales are well above the 10 year average, and new listings are scarce. This is creating a flurry of multiple offers. Condo sales were 36% above the 10 year average, the 992 sales were slightly below last years 997 sales. To add to that, new listings dropped 6% year over year, and are now 8% above the 10 year average.
A lot can change in two weeks, but the first half of June suggests the condo market will continue to drive most of the activity going forward. Sales are showing little to no signs of slowing down, and new listings are not keeping pace. On the other end of the spectrum, the detached market had the greatest number of new listings than any other June on record during the past 10 years.