Sales remain below long-term historical averages in October.
Home sales across Vancouver totalled 1,966 in October 2018, a 34.9% decrease from the sales recorded in October 2017, and a 23.3% increase compared to September 2018, according to The Real Estate Board of Greater Vancouver (REBGV).
Looking at the 10-year October sales average, October 2018 sales were down 26.8%.
What does all this mean?
For buyers, you have far more choice. Take your time, attend open houses and do your research. For sellers, it means your home may face more competition, meaning high quality and effective marketing and presentation is essential.
Looking at the numbers:
In October 2018 there were 4,873 detached, attached and apartment homes newly listed for sale on the MLS® in Metro Vancouver. This represents a 7.4% increase compared to what we saw in October 2017 and a 7.7% decrease compared to September 2018.
For all property types, the sales-to-active listings ratio for October 2018 is 15.1%. By property type, the ratio is 10.3% for detached homes, 17.3% for townhomes, and 20.6% for condos/apartments.
Sales of detached homes in October 2018 reached 637, a 32.2% decrease from the 940 detached sales recorded in October 2017. The benchmark price for detached properties is $1,524,000 – a 5.1% decrease from October 2017 and a 3.9% decrease over the last three months.
Townhome sales in October 2018 totalled 344, a 37.5% decrease compared to the 550 sales in October 2017. The benchmark price of a townhome is currently $829,200. This represents a 4.4% increase from October 2017 and a 2.8% decrease over the last three months.
Sales of apartments reached 985 in October 2018, a 35.7% decrease compared to the 1,532 sales in October 2017.
The benchmark price of an apartment property is $683,500. This represents a 5.8% increase from October 2017 and a 3.1% decrease over the last three months.
If you have any questions about the current market, feel free to get in touch.
(Photo by Aditya Chinchure)