Although these market statistics are about last month, this information can give you some insight into overall market health. Listing inventory, days on market, absorption rates and percentage of sale price to list price, etc., can help you predict future trends. Ask me how!
SUMMER SALES UP OVER SPRING MARKET
VANCOUVER, B.C. – August 2, 2019
The Real Estate Board of Greater Vancouver (REBGV) reported that residential home sales in the region totalled 2,557 in July 2019, a 23.5 per cent increase from the 2,070 sales recorded in July 2018, and a 23.1 per cent increase from the 2,077 homes sold in June 2019. It is also one of the strongest month's so far this year - surprising since the summer is traditionally a quieter time. For more information on the latest stats from the REBGV, click the link below or call me anytime at 604-657-1480.
The MLS® HPI is a more stable price indicator than average prices, because it tracks changes of "middle-of-the-range" or "typical" homes and excludes the extreme high-end and low-end properties.Typical homes are defined by the various quantitative property attributes. These features together become the "benchmark" house, townhouse or apartment in a given area. A benchmark property is designed to represent a typical residential property in a particular MLS® HPI housing market, such as Richmond or North Vancouver. The breakdown of each month’s real estate sales in a given area are estimates of current prices paid for bedrooms, bathrooms, fireplaces, etc. Prices for these qualitative and quantitative features are then applied to the typical house model and an index price is estimated for that month. This type of pricing model involves estimating the price of a property’s features rather than the property itself.
Note: The MLS® HPI offers only a benchmark in which to track price trends and consumers should be careful not to misinterpret index figures as actual prices. Benchmark properties are considered average properties in a given community and do not reflect any one particular property.