There were fewer real estate sales and listings in Richmond last month, as the Metro Vancouver region saw more “moderate” activity, according to the latest data from the Real Estate Board of Greater Vancouver (REBGV).
Listings for detached and attached homes, as well as apartments, in Richmond all saw a decline last month, as did detached and attached home sales.
In July, there were 175 detached home listings in Richmond, down 20.5 per cent from June’s 220 listings.
Attached home listings in the city fell by 10.8 per cent, from 139 in June to 124 in July, while apartment listings fell by 12 per cent, down to 308 in July from June’s 350.
Meanwhile, detached home sales in Richmond fell from 154 in June to 94 in July – down 39 per cent – and attached home sales dropped by 16.2 per cent, down to 98 last month from 117 in June.
Apartment sales, however, were the outlier, seeing a rise of 17.4 per cent last month. In July, there were 236 sales, up from 201 in June.
Overall, more moderate sales, listings and pricing trends were seen across the Metro Vancouver housing market in July compared to the “heightened activity experienced throughout much of the pandemic,” according to the REBGV.
“Moderation was the name of the game in July,” said Keith Stewart, REBGV’s economist, in a statement.
“Home sales and listings fell in line with typical seasonal patterns as summer got going in earnest in July. On top of moderating market activity, price growth has levelled off in most areas and home types.”
Across the region, there were 4,377 detached, attached and apartment homes newly listed for sale in July, a 25.2 per cent decrease compared to June, when 5,849 homes were listed.
It’s also a 26.4 per cent drop from the 5,948 homes listed in Metro Vancouver in July 2020.
The amount of new listings in Metro Vancouver in July was also 1.3 per cent below the 10-year average for that month.
Meanwhile, the total number of homes currently listed for sale in Metro Vancouver is 9,850, a 9.1 per cent decrease compared to June’s 10,839 homes.
Stewart said that low housing supply remains a “fundamental factor” in the region’s housing market.
“Home sales remain above average and we’re starting to see price increases relent as well. Going forward, the supply of homes for sale will be among the most critical factors to watch. This will determine the next direction for house price trends.”
The benchmark price – which represents a typical property in each market – of a single-family detached home in Richmond was $1,910,000.
Meanwhile, the composite benchmark price for all residential properties in Metro Vancouver is currently $1,175,500, a 13.8 per cent increase over July 2020.