VANCOUVER, B.C. – August 4, 2010 – Home sales activity in Greater Vancouver was quieter last month than most Julys over the past decade, with residential sales, prices, and the number of homes listed for sale trending downward in recent months.
The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 2,255 in July 2010. This represents a 45.2 percent decline from the 4,114 sales in July 2009, the highest selling July ever recorded, and a 24.1 percent decline compared to June 2010.
“It’s currently taking home sellers who work with a REALTOR®, on average, 45 days to sell their property, which is a historically healthy timeframe for people on both sides of a transaction,” Moldowan said.
Sales of detached properties in July 2010 reached 908, a decrease of 43.7 percent from the 1,614 detached sales recorded in July 2009 and a 9.8 percent increase from the 827 units sold in July 2008. The benchmark price for detached properties increased 11.5 percent from July 2009 to $793,193.