Hot times.... summer in the city!  Our Real Estate market has been enjoying a very active summer market.  I have analyzed all of the stats from July and here are 5 things you should know about the real estate market in Metro Vancouver:

  1. Supply:  We had 5,707 properties listed thru the month of July which is down -40% from this time last year (July 2014) and another -4% from last month (June 2015). 
    If we look into those stats further.... we have 2.7 months of inventory for detached houses and 2.8 months of inventory for attached homes.

  2. Demand: 2,170 properties sold in July which is up +27% from this time last year (July 2014) but, is down -11% from last month (June 2015).

  3. Time:  The average time for a detached house to sell was 16.3 daysFor attached homes it was 18.5 days.

  4. Prices: The average price of detached house is $1,582,057 which is up +24% from last year (July 2014) and up 2% from last month (June 2015)
    The average price of an attached home is $517,369
    which is up +8% from last year (July 2014) and up 3% from last month (June 2015).

  5. Hottest Areas

For Detached houses, the following areas saw the largest price increases from this time last year (July 2014):

  • the Vancouver Eastside  with an increase of +32% to an Average price of $1,276,500.  There is also just 2.3 months of supply for detached houses.
  • Tsawwassen with an increase of +30% to an Average price of $950,000.  There is also just 1.7 months of supply for detached houses.
  • Richmond with an increase of +27% to an Average price of $1,316,000.  There is also just 2.5 months of supply for detached houses.

For Attached homes, the following areas saw the largest price increases from this time last year (July 2014) 

  • Ladner with an increase of +40% to an Average price of $404,950.  There is also just 1 month of inventory making it super hot seller's market.
  • Tsawwassen with an increase of +31% to an Average price of $497,500.  There is also 4.1 months of supply of attached homes.
  • Downtown Vancouver with an increase of +13% to an Average price of $565,000.  There is also just 1.8 months of supply of condos and townhomes.
If you have any questions about the market in your neighbourhood or need assistance in planning your next real estate move, please feel free in calling me or simply fill out our contact form.
Posted by Tony Cikes on

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