What happened in July 2024 in the Greater Vancouver Housing Market?
Increased Listings: Total new listings for July 2024 are up 20% compared to last July and 13% compared to the 10-year average, with total listings up 39% year-over-year and 22% compared to the 10-year average
Decreased Sales: Sales for July 2024 are down 5% from last year and 18% below the 10-year average, indicating fewer transactions despite the increased inventory
Pricing Trends: Prices have generally increased year-over-year, with detached homes up 2.1%, townhomes up 1.5%, but condos down 0.3%. However, prices have decreased slightly compared to June 2024
Market Activity and Predictions: Open houses are busy but not converting into offers. There’s an expectation that interest rates may decrease in September, potentially spurring more buyer activity towards the end of the year
Advice for Sellers: To sell quickly in the current market, homes need to be well-presented and competitively priced. Sellers are advised to ensure their properties stand out to attract buyers in a market with high inventory.
JULY 2024 VANCOUVER REAL ESTATE STATS:
Sales are down 5% from July 2023
Sales are down 17.6% compared to the 10 year seasonal average
New listings up 20.4% compared to July 2023
Total listings on the market are up 39.1% compared to July 2023
Detached Market
- Benchmark price up 2.1%
- 12.8% sales to active ratio
Townhome Market
- Benchmark price up 1.4%
- 20.1% sales to active ratio
Condo Market
- Benchmark price down 0.3%
- 19.3% sales to active ratio
