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November 2018 – Market Update From Francis Piché



Greater Vancouver Housing Market – Current Statistics for January 2016

Here is a quick summary of what happened in the Vancouver real estate market during the month of January. If you would like a complimentary copy of the complete SnapStats report, including neighborhoods-level sales and price statistics, please give me a call at 778-558-9948 or email me at francis@francispiche.com To view the email I sent to my subscribers, please click here.

Dear Friends,

Only 11 days before Christmas! Wow. I think it was sincerely the fastest year ever for me. You’ll know why I say that in my next Year In Review personalized letter coming soon…

It seems that we dealt with two different market speeds this year. The sales were growing from January until May. And then, we have seen a decrease in sales and price starting in June 2018. Last month’s sales were 34.7 per cent below the 10-year November sales average and was the lowest sales for the month since 2008. On the other hand, the Home Price Index hasn’t changed that much vs last year vs a decrease of 1.4%.

Once again, we can never generalize the statistics in Real Estate as the market trends are very local. A home for sale can still receive multiple offers when the property is priced well, is situated in a compelling location and is in great condition. I personally witnessed this situation with one of my clients very recently.

There are very distinct trends in the Real Estate market based on location. Some areas are still demonstrating a balanced Market for the Detached Homes and a Seller’s market for the Attached Homes. Take a look, it’s noteworthy!

Here are the strongest markets for Detached Homes:
***Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
***All stats are available to you in the complimentary SnapStats Report.

Pitt Meadows: 23% vs 33% in October 2018
Port Coquitlam: 17% vs 12% in October 2018 (increase)
New Westminster: 17% vs 11% in October 2018 (increase)
Maple Ridge: 16% vs 20% in October 2018
Coquitlam: 13% vs 9% in October 2018 (increase)
North Vancouver: 11% vs 16% in October 2018
East Vancouver: 8% vs 11% October 2018

Here are the strongest markets for Attached Homes:

Pitt Meadows: 32% vs 34% in October 2018
Port Coquitlam: 29% vs 32% in October 2018
North Vancouver: 25% vs 23% in October 2018 (increase)
East Vancouver: 24% vs 29% in October 2018
New Westminster: 21% vs 22% in October 2018
Maple Ridge: 21% vs 19% in October 2018 (increase)
Port Moody: 19% vs 23% in October 2018
Coquitlam: 19% vs 20% in October 2018

And when you look at the overall picture, here is what we notice:

Last month’s sales were 43% below last year in November.

Despite the difference between the Detached and Attached markets, the overall market is very close to a Buyer’s Market at 13%. Last month, the Sales-to-Active Listings Ratio was at 15%. The Sales-to-Active Listings Ratio was 25% in June.

For a detailed look by property type, see below. Detached homes are in a Buyer’s market vs the Townhomes and Condos in a Balanced market.

Below, we can see that the Home Price Index has decreased by 1.4% over last year.

And pricing is on the downward trend since June for all types of properties.

***It is very important to pay attention to local market trends as they tend to be VERY different. Look at the SnapStats Report and consult your realtor to establish the best winning strategies either for selling or buying. The SnapStats Report is a phenomenal report that you can consult for free to get familiar with the latest trends. Download the SnapStats Report here.

If you have any questions, please send me an email and I would be happy to help you for your Buying or Selling needs.

Watch the Real Estate Board of Greater Vancouver video below for the overall monthly summary or get the market speed for your home in your neighborhood with Market Speedo and the SnapStats report.

Happy read, happy watch and HAPPY HOLIDAYS!!!

Cheers,

Francis
PS: If you are around, let’s go for coffee and let me introduce you to all my complimentary tools to best serve you!

Metro Vancouver Homes Sales Down Across All Property Types

Home buyer demand remains below long-term historical averages in the Metro Vancouver housing market.

Last month’s sales were 34.7 per cent below the 10-year November sales average and was the lowest sales for the month since 2008.

“Home buyers have been taking a wait-and-see approach for most of 2018. This has allowed the number of homes available for sale in the region to return to more typical historical levels,” Phil Moore, REBGV president said. “This activity is helping home prices edge down, across all property types, from the record highs we’ve experienced over the last year.”

“Home prices have declined between four and seven per cent over the last six months depending on property type. We’ll watch conditions in the first quarter of 2019 to see if home buyer demand picks up ahead of the traditionally more active spring market,“ Moore said.

 

November’s Statistics

Number of Sales: 1,608 or a 42.5% decrease compared to November 2017 when 2,795 home sold, and 18.2% per cent compared to October 2018 when 1,966 homes sold. Sales of detached properties in November 2018 reached 516, a 38.6 per cent decrease from the 841 detached sales recorded in November 2017. Sales of apartment properties reached 985 in October 2018, a 35.7 per cent decrease compared to the 1,532 sales in October 2017. Last month’s sales were 26.8 per cent below the 10-year October sales average.Percent of Original List Price Received at Sales: 95.5% vs 96.4% in October.

Sales-to-Active-Listings Ratio: The sales-to-active listings ratio for November 2018 is 15%. By property type, the ratio is 10% for Detached homes17% for Townhomes, and 20% for Condominiums.

Total Inventory: 12,307, a 40.7 per cent increase compared to November 2017 (8,747) and a 5.2 per cent decrease compared to October 2018 (12,984). There were 3,461 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2018. This represents a 15.8 per cent decrease compared to the 4,109 homes listed in November 2017 and a 29 per cent decrease compared to October 2018 when 4,873 homes were listed.

Benchmark Price: $1,042,100. This represents a 1.4 per cent decrease over November 2017 and a 1.9 per cent decrease compared to October 2018. The benchmark price for Detached Homes is $1,500,100. This represents a 6.5 per cent decrease from November 2017 and a 1.6 per cent decrease compared to October 2018. The benchmark price for Condo properties is $667,800. This represents a 2.3 per cent increase from November 2017 and a 2.3 per cent decrease compared to October 2018. The benchmark price of a Townhome is $818,500. This represents a 2.6 per cent increase from November 2017 and a 1.3 per cent decrease compared to October 2018.

Median Days on Market: 28 days vs 21 days in October 2018. If we take a closer look at Downtown Vancouver, the Median Days on Market was 16 vs 24 days in October 2018. For more information about your neighbourhoods’ sales and price statistics, I strongly encourage you to download the latest SnapStats Report.

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Francis Piché
421 Pacific Street
Vancouver, BC V6Z 2P5

Cell: 778-558-9948
Office: 604-685-5951
Email: francis@francispiche.com

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