Detached Homes Enter Buyers Market in July

If you read my June Detached Report I highlighted how the detached market was transitioning towards a more balanced market after heating up during the busier spring season. In July, this trend continued. Vancouver single family homes officially dipped back into buyers territory with a sales to actives ratio of 12%.

Detached Sales

Detached sales have slowed considerably in the last few months. The data suggests this is more than a normal seasonal slow down. REBGV detached sales fell a modest 12% year over year, but now remain 20% below the ten year average for the month of July. Meanwhile, Vancouver West & East detached home sales recorded the fewest July sales over the past decade.

New Listings & Inventory

Similar to last month, new listings have been normalizing. REBGV new listings fell 8% year over year but were 4% above the ten year average for July. This appears to be happening across the board. REBGV active inventory dropped 2% year over year.

Sales to Actives Ratio

REBGV- 17%
Vancouver East- 14%
Vancouver West- 10%
Burnaby- 11%

sales/actives ratio
Sales to Actives Ratio Chart for REBGV & FVREB

Sales to Actives ratios dropped month over month, continuing a downwards trend from last month which will likely continue in a slower August selling season.

Prices

The average sales price turned down this month for REBGV detached homes. Year over year the average sales price is down 2%, the median sales price is down 1%.

Summary

Detached home prices are essentially flat year over year. Most of the price declines and softness in the market is from higher end luxury homes. Especially for Vancouver homes above $3 million. The seasonal downwards trend likely gives the buyer a slight advantage moving forward. With that being said, well priced, more affordable detached homes are still selling well and sometimes in multiple offers.

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