Vancouver Real Estate Market Update for December 2018Posted on January 12, 2019
The holidays and endless festivities are officially over, bringing us a fresh start with a brand new year. December 2018 continued to change the Vancouver real estate market, showing fewer home sales and slight decreases in property prices, which is allowing for more selection when it comes to homes on the market.
In December 2018, the Real Estate Board of Greater Vancouver reported that home sales totalled 1,072, which is a 46.8% decrease compared to December 2017 where there was a total 2,016 sales in Metro Vancouver, as well as a 33.3% decrease from November 2018 where 1,608 homes were sold. Overall, last year home sales totalled 24,619, which is a 31.6% decrease compared to 2017, as well as a 38.4% decrease from the total number homes that were sold in 2016.
Last month, there were 1,407 properties newly listed for sale on the MLS, which represents a 59.3% decrease compared to November 2018, when 3,461 homes were listed. Currently throughout Metro Vancouver, there are 10,275 properties listed for sale, which is a 16.5% decrease compared to the previous month, however, it was a 47.7% increase from December 2017.
The Sales-to-Active ratio for all properties types in Metro Vancouver is currently sitting at 10.4%, making it a buyer’s market. Broken down by property type, the ratio for detached homes is 7.1%, 12% for townhomes and 14.2% for condos. Condos and townhomes remained in a balanced market this December, both seeing decreases in their Sales-To-Active ratio, positioning them closer to a buyer’s market. Detached homes are still in a buyer’s market like they have been for the past few months, making this the perfect opportunity for anyone wanting to move up in the market.
In December 2018, a total of 348 detached homes were sold throughout Metro Vancouver which is a 43.6% decrease from this time last year, where 617 detached homes sold. Currently, the benchmark price for a detached home is $1,479,000, lasting an average of 56 days on the market.
Townhouses saw a total of 189 properties being sold in Metro Vancouver, which represents a 49.1% decrease from December 2017, where 371 townhouses were sold. The average benchmark price for a townhouse is $809,700, lasting 44 days on the market.
Last month, apartments saw a 34% decrease in home sales last month, with a total of 535 properties being sold throughout the region. The benchmark price for apartments saw a 0.6% increase compared to December 2017, and is currently sitting at $664,100, while spending an average of 41 days on the market!
What Does This Mean For You?
– Now is a great time to move up in the market.
– If you are thinking of selling, timing and proper pricing is everything.
– If you are thinking of buying, there’s less competition.
– In a shifting market, having the right strategy is everything when it comes to selling.
Ready to jump into the market? Whether you are looking to buy, sell, or learn more about the market changes, reach out to our team today! We’ll help you make the right move!