The September 2018 market report released by the Real Estate Board of Greater Vancouver (REBGV) made a very clear statement – supply continues to increase and demand remains below typical levels for this time of the year.
“Fewer home sales are allowing listings to accumulate and prices to ease across the Metro Vancouver housing market,” Ashley Smith, REBGV president-elect said. “There’s more selection for home buyers to choose from today. Since spring, home listing totals have risen to levels we haven’t seen in our market in four years.”
September sales were 36.1% below the 10 year September sales average.
Only 1,595 residential properties were sold in September, which represented a 43.5% decrease from the 2,821 sales recorded in September 2017 and a 17.3% decrease compared to August 2018 when 1,929 homes were sold.
– The number of detached properties sold was 508, a 40.4 per cent decrease from the 852 detached sales recorded in September 2017
– The number of apartments sold was 812, a 44 per cent decrease compared to the 1,451 sales in September 2017.
– The number of attached properties sold was 275, a 46.9 per cent decrease compared to the 518 sales in September 2017.
There were 5,279 new listings of detached, attached and apartment properties added to the Multiple Listing Service (MLS) in Metro Vancouver.
This represents a 1.8 per cent decrease compared to the 5,375 homes listed in September 2017 and a 36 per cent increase compared to August 2018 when 3,881 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 13,084, a 38.2 per cent increase compared to September 2017 (9,466) and a 10.7 per cent increase compared to August 2018 (11,824)
This is a good indication of the supply and demand forces in the market. Downward pressure on home prices can occur when the ratio dips below 12% for a sustained period, and home prices can experience upward pressure when the ratio is above 20% for sustained periods.
For all property types, the ratio in September was 12.2%. When broken down by property types, the ratio was:
– 7.8 % for detached homes
– 14 % for townhomes.
– 17.6 % for condominiums
All ratios are down from the previous month.
In September, the MLS Home Price index composite benchmark price for all residential properties in Metro Vancouver was $1,070,600. This represented a 2.2 per cent increase over September 2017 and a 3.1 per cent decrease over the last three months.
“Metro Vancouver’s housing market has changed pace compared to the last few years. Our town home and apartment markets are sitting in balanced market territory and our detached home market remains in a clear buyers’ market,” Smith said
Click here for a full report.
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