Vancouver- The Greater Vancouver REALTORS® (GVR) has reported a notable decline in residential sales for June 2024. The region saw a total of 2,418 residential sales, marking a 19.1 percent decrease from the 2,988 sales recorded in June 2023. This figure is also 23.6 percent below the 10-year seasonal average of 3,166 sales.
Andrew Lis, the REBGV director of economics and data analytics, commented on the trend, stating, “The June data continued a trend we’ve been watching where buyers appear hesitant to transact in volumes we consider typical for this time of year, while sellers remain keen to bring their properties to market.”
Despite the drop in sales, the total number of properties listed for sale on the MLS® system in Metro Vancouver has surged to 14,182, a 42 percent increase compared to June 2023, when 9,990 properties were listed. This total is also 20.3 percent above the 10-year seasonal average of 11,790 listings.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,207,100. This represents a modest 0.5 percent increase over June 2023 but a slight 0.4 percent decrease compared to May 2024.
In the detached homes segment, sales reached 694 in June 2024, an 18.2 percent decrease from the 848 detached sales recorded in June 2023. The benchmark price for a detached home stands at $2,061,000, reflecting a 3.7 percent increase from June 2023 but a 0.1 percent decrease compared to May 2024.
The market dynamics indicate a cautious approach from buyers, while sellers continue to actively list their properties, contributing to the rising inventory in the region.