Greater Vancouver Housing Market – Current Statistics for October 2018
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 firstname.lastname@example.org To view the email I sent to my subscribers, please click here.
We are only one day away from the American Thanksgiving and I always like to remember the spirit of that holiday with its meaning of giving thanks to the people we love and being grateful for what we have.
Vancouver is a great place to live and we can certainly feel grateful for the pleasant weather vs the fires in California. My thoughts go to the families that were affected and I send them love and light during this time of the year.
As for Real Estate, Sellers and Buyers can feel grateful in various markets depending on where they are shopping or selling. Overall, there is more inventory to choose from for the Buyers and more competition for the Sellers and you can still see markets that have strengthened for the benefits of the Sellers.
There are still 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 good Seller’s market for the Attached Homes. What is really interesting is the comparison of the sales ratio that truly changed over one month. 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: 33% vs 13% in September 2018 (increase)
Maple Ridge: 20% vs 13% in September 2018 (increase)
North Vancouver: 16% vs 9% in September 2018 (increase)
Port Coquitlam: 12% vs 16% in September 2018
East Vancouver: 11% vs 9% September 2018 (increase)
New Westminster: 11% vs 12% in September2018
Coquitlam: 9% vs 9% in September 2018
Here are the strongest markets for Attached Homes:
Pitt Meadows: 34% vs 20% in September 2018 (increase)
Port Coquitlam: 32% vs 31% in September 2018 (increase)
East Vancouver: 29% vs 22% in September 2018 (increase)
Maple Ridge: 27% vs 18% in September 2018 (increase)
North Vancouver: 23% vs 19% in September 2018 (increase)
Port Moody: 23% vs 22% in September 2018 (increase)
New Westminster: 22% vs 22% in September 2018
Coquitlam: 20% vs 18% in September 2018 (increase)
And when you look at the overall picture, here is what we notice:
Despite the difference between the Detached and Attached markets, the overall market is in a Balanced Market at 15%. Last month, the Sales-to-Active Listings Ratio was at 12%, which was an indication of a Buyer’s Market. Condos can still be considered in a soft Seller’s market in general.
Below, we can see how the pricing has changed over one year. The growth has slowed down and we have seen prices hedge down over the last four months for all property types.
The inventory has definitely increased. “The supply of homes for sale today is beginning to return to levels that we haven’t seen in our market in about four years,” Phil Moore, REBGV president said.
“For home buyers, this means you have more selection to choose from. For sellers, it means your home may face more competition, from other listings, in the marketplace.” Phil Moore, REBGV president said.
***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!
PS: If you are around, let’s go for coffee and let me introduce you to all my complimentary tools to best serve you!
Home sale activity across Metro Vancouver* remained below long-term historical averages in October.
Last month’s sales were 26.8 per cent below the 10-year October sales average.
“The supply of homes for sale today is beginning to return to levels that we haven’t seen in our market in about four years,” Phil Moore, REBGV president said. “For home buyers, this means you have more selection to choose from. For sellers, it means your home may face more competition, from other listings, in the marketplace.”
“Home prices have edged down between three and five per cent, depending on housing type, in our region since June,” said Moore. “This is providing a little relief for those looking to buy compared to the all-time highs we’ve experienced over the last year.”
Number of Sales: 1,966 or a 34.9% decrease compared to October 2017 when 3,022 home sold, and an increase of 23.3 per cent compared to September 2018 when 1,595 homes sold. Sales of detached properties in October 2018 reached 637, a 32.2 per cent decrease from the 940 detached sales recorded in October 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: 96.4% vs 96.7% in September.
Sales-to-Active-Listings Ratio: The sales-to-active listings ratio for October 2018 is 15.1%. By property type, the ratio is 10.3% for Detached homes, 17.3% for Townhomes, and 20.6% for Condominiums.
Total Inventory: 12,984, a 42.1 per cent increase compared to October 2017 (9,137) and a 0.8 per cent decrease compared to September 2018 (13,084). There were 4,873 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2018. This represents a 7.4 per cent increase compared to the 4,539 homes listed in October 2017 and a 7.7 per cent decrease compared to September 2018 when 5,279 homes were listed.
Benchmark Price: $1,062,100. This represents a one per cent increase over October 2017 and a 3.3 per cent decrease over the last three months. The benchmark price for Detached Homes is $1,524,000. This represents a 5.1 per cent decrease from October 2017 and a 3.9 per cent decrease over the last three months. The benchmark price for Condo properties is $683,500. This represents a 5.8 per cent increase from October 2017 and a 3.1 per cent decrease over the last three months. The benchmark price of a Townhome is $829,200. This represents a 4.4 per cent increase from October 2017 and a 2.8 per cent decrease over the last three months.
Median Days on Market: 21 days vs 24 days in September 2018. If we take a closer look at Downtown Vancouver, the Median Days on Market was 16 vs 19 days in September 2018. For more information about your neighbourhoods’ sales and price statistics, I strongly encourage you to download the latest SnapStats Report.