"Nothing is more damaging to you than to do something that you believe is wrong." - Abraham
This is the Sales and Listings Report updated to the end of July 2016. Perhaps the Premier should have been receiving these stats updates as the Greater Vancouver real estate market may have showed it was looking after itself with home sales decreasing by 27 per cent in July compared to June. July showed a trend through the month that buyers were taking a break and enjoying the summer month and catching their breath after a very busy spring. For some markets like North Vancouver, this is typical but it was a trend shared throughout the detached market in Metro Vancouver with some seeing a more significant decline. West Vancouver Detached sales were down 41% compared to June 2016 and down 45 per cent to July 2015 and were in fact the lowest monthly sales amount since January 2014. Total Month’s Supply of Listings is up to 10 Months there, with sales down and inventories up. Richmond detached sales were down 29 per cent in July compared to June 2016, and down 46 per cent to July 2015. The Sales to Listings Ratio dropped to 38 per cent, the lowest level since January 2014 and the Month’s Supply of Listings is now at 6 Months. Vancouver West and East Side Detached sales were similarly down and showing 6 and 5 Month’s Supply of Listings respectively.
What does this all mean? The detached market was already showing signs of softening over the last three months. And more so in the least affordable markets. Funny how markets work. The shift to strata properties had continued in that time with those markets continuing to see Seller Market conditions with 2 Month’s Supply of Listings even with overall sales in those markets lower in July. Quite likely the percentage of foreign buyers that close in the coming months will be lower, likely more to do with pure market forces and not the Foreign Buyer Tax (the last week of July excluded as buyers rush to complete prior to the tax coming in).
What does this provide? Opportunity. A chance for buyers to have a more normal market to work within. An opportunity for sellers to look at making a move with a better chance to find their next home under normal market conditions. “After several months of record-breaking sales activity, home buyer demand returned to more historically normal levels in July,” Dan Morrison, Real Estate Board of Greater Vancouver president said. "Last month’s sales were 6.5 per cent above the 10-year sales average for the month.” So while the numbers show a decline, they were coming off some significant highs. Moving into normality isn’t such a bad thing.
Sales and Listings Report Burnaby and East for July 2016
Sales and Listings Report July 2016
Here’s a summary of the numbers:
Greater Vancouver: Total Units Sold in July 2016 was 3,301 – down from 4,502 (27%) in June 2016, down from 4,145 (18%) in July 2015, up from 3,111 (6%) in July 2014; Active Listings are at 9,038 compared to 12,559 at this time last year; New Listings in July 2016 were up 2% compared to July 2015, down 12% from June 2016; Month’s Supply of Total Residential Listings is up to 3 Months (Seller’s Market) and a Sales to Listings Ratio of 61% compared to 77% in July 2015 and 74% in June 2016.
Vancouver Westside Residential: Total Units Sold in July 2016 was 604 – down from 816 (26%) in June 2016, down from 806 (25%) in July 2015, up from 597 (1%) in July 2014; Active Listings are at 1,495 compared to 2,103 at this time last year; New Listings in July 2016 were down 4% compared to July 2015, down 10% from June 2016; Month’s Supply of Total Residential Listings remains at 2 Months (Seller’s Market) and a Sales to Listings Ratio of 59% compared to 76% in July 2015 and 72% in June 2016.
Vancouver Eastside Residential Total Units Sold in July 2016 was 290 – down from 407 (29%) in June 2016, down from 391 (25%) in July 2015, down from 360 (19%) in July 2014; Active Listings are at 800 compared to 838 at this time last year; New Listings in July 2016 were down 10% compared to July 2015, down 9% from June 2016; Month’s Supply of Total Residential Listings is up to 3 Months (Seller’s Market) and a Sales to Listings Ratio of 54% compared to 79% in July 2015 and 69% in June 2016.
North Vancouver Residential: Total Units Sold in July 2016 was 240 – down from 346 (30%) in June 2016, down from 285 (15%) in July 2015, up from 225 (7%) in July 2014; Active Listings are at 399 compared to 592 at this time last year; New Listings in July 2016 were up 20% compared to July 2015, down 17% from June 2016; Month’s Supply of Total Residential Listings is up to 2 Months (Seller’s Market) and a Sales to Listings Ratio of 66% compared to 93% in July 2015 and 79% in June 2016.
West Vancouver Houses: Total Units Sold in July 2016 was 67 – down from 109 (39%) in June 2016, down from 110 (61%) in July 2015, down from 94 (29%) in July 2014; Active Listings are at 514 compared to 620 at this time last year; New Listings in July 2016 were flat compared to July 2015, down 9% from June 2016; Month’s Supply of Total Residential Listings is up to 8 Months (Buyer’s Market) and a Sales to Listings Ratio of 33% compared to 54% in July 2015 and 50% in June 2016.
Richmond Residential: Total Units Sold in July 2016 was 433 – down from 637 (32%) in June 2016, down from 543 (20%) in July 2015, up from 409 (6%) in July 2014; Active Listings are at 1,398 compared to 1,836 at this time last year; New Listings in July 2016 were down 1% compared to July 2015, down 13% from June 2016; Month’s Supply of Total Residential Listings is up to 3 Months (Seller’s Market) and a Sales to Listings Ratio of 57% compared to 71% in July 2015 and 73% in June 2016.