This is your Real Estate Market update by Coquitlam REALTOR® Krista Lapp for sales in July, 2023 for Greater Vancouver.*
Cities included in Greater Vancouver are: Coquitlam, Port Moody, Port Coquitlam, New Westminster, Burnaby, Pitt Meadows, and Maple Ridge.
Last month we experienced another Seller’s Market with 36 percent of properties selling. Even though the month of July was still favorable for Seller’s, there was a noticeable change in Buyer activity, and signs of the market slowing down.
Total sales for July 2023 were 955, which is a 35 percent increase from last year. This is a 17 percent decrease from the previous month. The median sales price for a home in Greater Vancouver was $1,150,000, which is a five percent increase from last year. This is a two percent decrease from the previous month.
The total active listings last month were 2,634, which is a four percent decrease from last year. This is a six percent increase from the previous month.
For detached homes throughout Greater Vancouver, it took on average 11 days to sell. This is up three days from the previous month.
For attached properties, which includes condos, townhomes, and duplexes, it took nine days to sell. This is up one day from the previous month.
In July, we started to see more Seller’s taking offers anytime, versus a set date for offers to be looked at. The attached market for condos and townhomes continued to be a very strong Seller’s market. Detached homes however pulled back slightly. With both product types, the listing price had an impact on how the property was received by Buyers. This also often determined if multiple offers were received. The next interest rate announcement from the Bank of Canada is on September 6th. As with all prior announcements, it will have an impact on the Market.
If you have any questions about your specific Real Estate needs, or would like to know more about the Market and how it impacts you, feel free to reach out to me directly.
Krista Lapp PREC* is a Licensed REALTOR® based in Coquitlam and living in Burke Mountain.
Creating valuable relationships and happy clients has always been at the heart of Krista’s beliefs. With over 25 years of sales experience and being a successful entrepreneur, her level of professionalism, customer service, sales & marketing and integrity always result in exceptional client satisfaction.
With over 200 sales total from 2021-2022, Krista qualified as a President’s Medallion Club Member in 2021 and 2022 which recognizes the Top 1% of Real Estate Agents for sales out of over 14,000 in Greater Vancouver. In 2022, her team was #1 in ALL of Canada for dollar volume of sales with Keller Williams for Team Category, with over $118,000,000 in closed Sales Volume.
Born in Vancouver and raised in the Tri-Cities, Krista has experienced growing up and living in the Tri-Cities for decades. Krista knows Port Moody, Coquitlam and Port Coquitlam extensively and has loved seeing the changes and growth in these cities over the years.
Whether you are buying or selling, you can count on being represented with professionalism and integrity. Being a hands on, full time REALTOR® you’ll experience first class service, expert advice and outstanding results. In addition, Krista has had years of professional experience and education in marketing online giving her a unique perspective in marketing homes in Coquitlam, Port Coquitlam, Port Moody, Burnaby, Pitt Meadows, Maple Ridge, New Westminster and the Lower Mainland.
Krista has been rated the #1 Coquitlam Real Estate Agent in 2019-2022, #1 Port Coquitlam Real Estate Agent in 2022, as well as in the Top 100 Real Estate Agents in Canada for 2021 and 2022. RATE MY AGENT