Metro Vancouver real estate sales were down 43.9% from July 2007, while the overall number of listings available for sale rose by 24%. The market continues to rebalance as sellers face increasing competition, and buyers find much more inventory from which to choose.
Detached home prices in Metro Vancouver rose 5.4% since July 2007, reaching an average benchmark price of $753,165. The number of detached homes sold in July fell by 44.3% from one year ago, while listings were up 20.6% over last July.
Prices of Metro Vancouver townhouses have increased 5.7% in the past twelve months, reaching $473,953 in July 2008. The number of townhouses sold fell by 46.8% from last July. With the slowing sales trend, inventory has continued to rise, with 23.3% more townhouses available for sale this July over last.
Condominium sale have contined to follow a similar trend. With prices averaging $381,687, the number of sales in July fell 42.3% from July 2007. Listings increased 27.7% from July of last year.
Sales Statistics: Real Estate Board of Greater Vancouver