Welcome to our July Market Minute update! In June we saw strong real estate sales in the Vancouver area.
The main story right now is a lack of supply - both east and west Vancouver are seeing a shortage of family homes, which is causing upwards price pressure.
UP TO 39% LESS HOMES ARE AVAILABLE THAN WERE ON THE MARKET IN SUMMER 2019.
On the west side, there are 36% less single-family homes available in comparison to this time last year, and 36% less townhouses and condos available. As a result, this means prices are on average 4% higher than in the early summer of 2019.
On the east side, there are 39% less properties available than in Summer 2019, which has lead to a price increase of 8%.
THE MARKET CONTINUES TO IMPROVE WITH A SMALLER SUMMER SLUMP THAN IN PAST YEARS
With many people staying home vs traveling for vacation, we aren't seeing the usual summer slump this year. We are still listing a lot of properties, so it's definitely a good time to sell, and also to buy.
We hope you stay safe & have a great summer!
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