Home sales rose in Richmond and across the region in July, according to the latest data from the Real Estate Board of Greater Vancouver (REBGV), which says the increase is due to “pent up activity” throughout the year.
Detached home sales in Richmond rose 25.3 per cent last month compared to June, which saw 75 sales. In July, there were 94.
Meanwhile, attached home sales totaled 62 for June, increasing to 99 for July – a change of 59.7 per cent – while apartment sales rose 21.6 percent, to 163 in July, up from 134 in June.
Despite the increase in sales, real estate listings for detached and attached homes fell from June, while apartment listings rose only marginally.
Last month, there were 179 detached home listings, down 6.8 per cent from June’s 192 listings. Attached home listings fell by 2.8 per cent, from 141 in June to 137 in July.
Meanwhile, apartment listings rose just 0.3 per cent, from 296 in June to 297 in July, according to the REBGV’s report, released Wednesday.
“We’re seeing the results today of pent up activity, from both home buyers and sellers, that had been accumulating in our market throughout the year,” said REBGV chair Colette Gerber.
“Low interest rates and limited overall supply are also increasing competition across our market.”
In comparison, July 2019 saw 85 detached home sales in Richmond, 67 attached home sales and 147 apartment sales.
When it comes to listings, 176 detached homes listed for sale in July 2019, along with 148 attached home and 286 apartment listings.
The REBGV says last month’s real estate activity “exceeded historical levels” across Metro Vancouver, with sales 9.4 per cent higher than the 10-year July sales average.
Across the region, there were 5,948 detached, attached and apartment properties newly listed for sale last month, an increase of 28.9 per cent compared to July 2019, when 4,613 homes were listed.
It’s also a 2.8 per cent increase compared to June, when 5,787 homes were listed.
Detached home sales reached 1,121 in July, a 33.3 per cent increase from the 841 detached sales recorded in July 2019, according to the REBGV. Meanwhile, there were 607 attached home and 1,400 apartment sales last month, up from 473 and 1,243, respectively, in July 2019.
“Safety remains top priority for our realtor community,” said Gerber. “We continue to limit in-person interactions with clients and employ different technology solutions to ensure home buyers and sellers can get as much information as possible in a virtual setting.”
Home prices have risen slightly since July last year.
The benchmark price – which represents a typical property in each market – of a single-family detached home in the city was $1,509,300 last month, an increase of 2.3 per cent from July 2019.
The benchmark price for all residential properties in Metro Vancouver was $1,031,400, a 4.5 per cent increase from July 2019 and a 0.6 per cent increase compared to June of this year.
According to the REBGV, the sales-to-active listings ratio for July is 25.9 per cent. By property type, the ratio is 25.1 per cent for detached homes, 31.1 per cent for townhomes and 24.7 per cent for apartments.
Generally, analysts say that downward pressure on home prices occurs when the ration dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.