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 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
Vancouver East- 14%
Vancouver West- 10%
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.
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%.
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.