Vancouver Real Estate Market Update for SeptemberPosted on October 11, 2017
For the month of September, the Real Estate Board of Greater Vancouver has reported that there were 2,821 sales, which is a 7.3% drop from August 2017. However, that is a 25.2% increase from last year, so it’s still a very active market.
Recently, we’re seeing real estate in Vancouver shift into two very distinct markets. The first market is a seller’s market with condos and townhomes. A seller’s market is when the demand for homes is greater than the current supply of active or new listings. Typically, a seller’s market occurs when the ratio of home sales to active listing is greater than 20%. Townhomes in September were at 48.%, while condos were up at 59.6%, so this means we’re seeing multiple offers and bidding wars on a regular basis.
On the other hand, the detached market is a more balanced market at 14.3%. A balanced market is usually anywhere between 14-20% and home prices remain relatively stable. We still see a few bidding wars, but generally speaking, you can view a home and have some room to negotiate on price. Detached properties are currently sitting on the market longer.
As you can see, it’s a distinct separation between the two markets right now. Driven by affordability and the rising trend towards multi-family units, condos and townhomes sell quickly and often above the asking price.
For more information on the real estate market here in Vancouver, you can contact us. Whether you would like to buy, sell, or just gain a better understanding of local real estate, we’re always here to help and happy to be your go-to team for anything real estate related.