Karen Tsao | 604-422-0855

Greater Vancouver Housing Market Update for Sept 2018

Greater Vancouver Housing Market Update for Sept 2018

Summary:  Greater Vancouver home sales went down 43.5% from the same month a year ago.  Last month’s sales were 36.1% below the 10-year September sales average.  The supply of homes for sale continued to increase while home buyer demand remained below typical levels for this time of year.  For all property types, Greater Vancouver housing market is moving from balanced market to buyer's market.  For those who are looking for detached houses, now is a good time to buy. 
 
Housing Market Condition: Housing market condition and pricing can vary depending on area and property type so please consult me for your area of interest. Generally analysts say that a buyer’s market condition occurs when the sales ratio is 12% or less.  Balanced market occurs when the ratio is between 13% and 20%. Seller’s market occurs when the ratio is 21% or more.  
  • All Properties: Buyer's market with a sales ratio of 12.2%.
  • Detached House: Buyer's market with a sales ratio of 7.8%.
  • Townhouse:  Balanced market with a sales ratio of 14%.
  • Apartment:  Balanced market with a sales ratio of 17.6%
Residential Sales
  • Total 1,595 residential sales in Sept 2018.
  • 17.3% decrease compared to Aug 2018. 
  • 43.5% decrease compared to Sept 2017.
New Listings
  • Total 5,279 residential new listings in Sept 2018.
  • 36% increase compared to Aug 2018.
  • 1.8% decrease compared to Sept 2017.
Total Number of Listings
  • 13,084 Total residential listings on the MLS® in Sept 2018.
  • 10.7% increase compared to Aug 2018.
  • 38.2% increase compared to Sept 2017.
Home Benchmark Price:  Home benchmark price represents estimated sale price of a benchmark property.  Benchmark property represents a typical property within each market. 
  • Detached House: Benchmark price decrease 4.5% from Sept 2017 to $1,540,900.
  • Townhouse: Benchmark price increase 6.4% from Sept 2017 to $837,600.
  • Apartment: Benchmark price increase 7.4% from Sept 2017 to $687,300.
Average Days on Market
  • Detached House: Sept 2018, 53 days. Sept 2017, 42 days. Sept 2016, 37 days.
  • Townhouse:  Sept 2018, 33 days. Sept 2017, 24 days. Sept 2016, 21 days.
  • Apartment:  Sept 2018, 31 days. Sept 2017, 22 days. Sept 2016, 24 days.
Download the complete stats package here.

Karen Tsao
Cell:604-422-0855
Office:604-602-1111
RE/MAX Crest Realty
1428 West 7th Avenue
Vancouver, BC
V6H 1C1 CA