Vancouver Real Estate Market Update for September 2018Posted on October 09, 2018
September brought Vancouver cooler temperatures and a lot of rain, and with seasons changing over, we also saw a shift in the real estate market. Fewer home sales are allowing listings to accumulate, leaving buyers with lots to choose from, which is also helping to ease prices across the housing market in Metro Vancouver.
In September 2018, there was a total of 1,595 residential homes sales in the region. This represents a 43.5% decrease from September 2017, and a 17.3% decrease compared to August 2018 where we saw 1,929 total properties being sold. Last month’s sales were 36.1% below the 10-year average for sales in September.
Metro Vancouver saw a total of 5,279 newly listed properties on the MLS in September 2018, which is a 1.8% decrease from September 2017, however, it saw a 36% increase compared to last month where only 3,881 properties were newly listed. Currently, there are 13,084 properties listed on the MLS, which is a 10.7% increase compared to the previous month.
For all property types, the Sales-To-Active ratio is currently sitting at 12.2% for September 2018. By property type, detached homes are seeing a ratio of 7.8%, 14% for townhomes and 17.6% for condos. Over the last two months, townhomes and condos have changed from a seller’s market over to a balanced market. Detached homes have remained in a buyer’s market for the past few months, making this the perfect opportunity for anyone wanting to move up in the market.
Overall, in September 2018 sales of detached properties reached 508, which is a 40.4% decrease in sales compared to this time last year. The average benchmark price for a detached home in Metro Vancouver is currently $1,540,900, lasting an average of 53 days on the market.
Last month there were 812 apartments that were sold, which is a 44% decrease compared to September 2017. The average benchmark price of an apartment is currently $687,300, with an average of 32 days on the market.
Attached properties saw a 46.9% decrease in sales compared to September 2017, with a total of 275 properties being sold. The average benchmark price of an attached property is $837,600, spending an average of 33 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!