With a 36% increase in the number of homes hitting in the market in September compared to August 2018, there is a huge amount of choice out there for buyers.
However, home buyer demand remains below typical levels for this time of year. This is having a negative reaction on the total number of sales we are seeing – 36.1% down from the 10-year September sales average.
A deeper look at Detached, Townhomes and Apartments gives us a better idea of where the changes are most drastic.
During September this year, there were 508 sales which was a 40.4% decrease from the 852 sales seen in September 2017. Sale price also saw a decrease, with the benchmark price for detached properties sitting at $1,540,900 a 4.5% decrease from September 2017 and a 3.4% decrease over the last three months (June, July, August)
Townhome sales in September 2018 were also down, from 518 sales in September 2017 to 275 in September 2018 – a 47% decrease.
However, the benchmark price for townhomes across Vancouver compared to September 2017 increased by 6.4%. Although, there was a slight decrease over the last three months (2% over June, July, August). The benchmark price of an townhome is currently sitting at $837,600.
Sales of apartments reached 812 in September 2018, a 44% decrease compared to the 1,451 sales in September 2017.
There has been a 7.4% increase from September 2017 and a 3.1% decrease over the last three months with the benchmark price of an apartment currently at $687,300.
Generally speaking, downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
For all property types, the sales-to-active listings ratio for September 2018 is 12.2 per cent. By property type:
- 7.8 per cent for detached homes
- 14 per cent for townhomes
- 17.6 per cent for condominiums
Check back in early November for an update on the Vancouver housing market, and an in depth look at the facts and figures from October 2018.