While still elevated, home sales and listing activity in Metro Vancouver has eased back from record setting pace seen earlier this year.
REALTORS® registered 3,762 home sales on MLS® in June. That’s a +54% increase over this time last year and +18% over the 10 year average for the month of June.
On the supply side, Sellers newly listed 5,849 homes on MLS® last month. That’s up +1% compared to June 2020 and a -18% decreased from May.
This brings the total number of homes listed in our region to 10, 839.
Metro Vancouver’s housing market continues to experience strong Seller market conditions although the intensity of the demand has eased compared to what we saw throughout the Spring.
To understand current market conditions and the relationship to price we look to the Sales-to-Active Listings Ratio. This ratio gives us a picture of supply and demand forces.at play in the market. When the ratio dips below 12% for a sustained period prices typically decline. When the ratio surpasses 20% for a sustained time prices typically increase.
June ended with a ratio of 35%. By property type you see the demand pressure most pronounced in the townhome market.
While the townhome SAR, 35% in June suggests a Seller’s Market it was less than May’s 39% SAR.
Looking at prices, the MLS HPI Benchmark Price for all housing types was $1,175,100 in June. This is up +14.5% from June last year and up +0.2% from May.
What will summer look like for the real estate market?
With low interest rates, a growing economy and improving job market, the Metro Vancouver housing market continues to enjoy solid economic fundamentals. We are now seeing a market that’s beginning to normalize from the brisk pace in the Spring. This is making multiple offers less common, allowing subjects to be seen on offers more frequently and is making new price records less likely.
