A sizzling July didn't slow down the summer real estate market, with property sales up 33.5% above the 10-year sales average for the month, reports the Real Estate Board of Greater Vancouver (REBGV).
And Coquitlam was one of the hot spots.
According to REBGV figures, Coquitlam home sales held steady in July — and prices rose — going against the trend of slower sales in summer, when most people opt for vacationing over negotiating real estate deals.
REBGV president Darcy McLeod speculates Coquitlam is becoming increasingly attractive because of its relative affordability compared to Vancouver and the North Shore.
"A detached home in Vancouver is in excess of $1 million [and] in Coquitlam selling around the $800,000 mark, that's significantly less money," said McLeod, noting that there is still a wide variety of housing options in the Tri-Cities, including townhouses and condominiums.
In Coquitlam, for example, 198 single-family detached homes were sold last month, compared to 199 in June, and the median selling price rose to $893,000 from $890,000.
In every other city tracked by the REBGV, somewhat fewer homes were sold in July compared to June, with McLeod noting that June is typically busy because buyers want to wrap up deals prior to summer.
Despite the slight month-over-month decline, overall sales in July were well above the 10-year average, McLeod said, owing to low interest rates, consumer confidence and a reduced supply of homes for sale.
"We have about 5,000 to 6,000 fewer homes for sale today than we've seen at this time of year over the last five to six years."
When sellers do opt to put up a for sale sign, the properties are snapped up quickly if they are priced correctly, McLeod said.
The MLS Home Price index composite benchmark price for all residential properties in Metro Vancouver is currently, $700,500, an 11.2% increase from July 2014.
