The real estate market continues to be balanced between the selling and buying activity although last month’s home sale total was below the 10-year average for July.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of all properties on MLS® reached 2,571 in July, a 14 per cent increase compared to the 2,255 sales in July 2010.

Properties continue to sell at a good pace although we’re seeing less multiple offer situations in the market compared to the last few months.  On average properties are taking 41 days to sell which is unchanged from June.

New listings for all properties in Greater Vancouver totalled 5,097 in July, a 12 per cent decline compared to the 5,793 new listings reported in June.

Last month’s new listing total was 8.6 per cent higher than the 10-year average for July, while residential sales were 17.3 per cent below the ten-year average for sales in July.

At 15,226, the total number of residential property listings on the MLS® increased 0.8 per cent in July compared to last month and declined 7.3 per cent from this time last year.

“The number of homes listed for sale in the region has increased each month since the start of the year, which is giving buyers more selection to choose from and more time to make decisions,” Rosario Setticasi, REBGV president said.     

Stats info courtesy of the Real Estate Board of Greater Vancouver