At Oakwyn we’re always wanting to present the facts in an engaging way. Every month, one of our agents will unpick current market statistics from the Real Estate Board of Greater Vancouver to help you understand what’s going on in the real estate market and what you should be looking out for.
For June 2021 statistics, we have Oakwyn agent Jeff Appelbe here for his statistics report.
June Cools Down
The past two months have shown a market that’s shifting towards more historically typical conditions. June 2021 statistics show sales have eased back from the record-setting pace of March and April, and are down another 12% from May. However, sales were still 18% above the 10-year average for the month of June. In any other year, sales 18% above the 10-year average would be the headline, but it’s not right now, because we’ve come out of such a crazy phase.
If we look at a few other things, inventory is down 17% across the board, while sales are only down 12%. Sales being down in June is historically normal as well. Typically June is never quite as busy as March, April, May.
Jeff's Key Findings
If we look at the sales to active ratios in a couple of areas, there’s a few things that stand out. June 2021 statistics show the sales to active ratio in East Vancouver is at 53%. 53 homes out of 100 are selling in a month, which is a really strong sales to active ratio. Things are moving, there’s high demand.
If we look at Vancouver West, it’s 26%, it’s about half as strong. That includes Downtown. If we look further at Yaletown, the West End, and Gastown, those are 22%, 19%, and 23%. Those are straddling the balanced market and the seller’s market. So only 20 homes out of 100 are selling in a month. Jeff remains bullish on Downtown in the long-term. “I think it’s a great opportunity to buy still, because we’re not fully opened and that will change,” he concluded.
On the detached side, we have seen a bit more normalization. One area that stands out is North Vancouver. We still have really strong detached demand in North Van and a 45% sales to active ratio. We are having more upward pressure on pricing there.
Mount Pleasant condos are at a 56% sales to active ratio. Kits is at a 71% sales to active ratio. These markets are still moving really quickly. These are central, highly desirable areas, outside of the Downtown core, and that’s the trend we’re seeing there.
Get in Touch!
Work with your Oakwyn agent, work with your trusted real estate advisor, and come up with a plan that makes sense for you in 2021 if you’re thinking about making a move.