Winter is making its way into Metro Vancouver, bringing us lower temperatures, a lot of rain and snow-capped mountains. The season isn’t the only thing changing in Vancouver, the real estate market also saw a shift last month with fewer homes sales in the region, allowing for more selection when it comes to homes on the market, and lower prices.
In November 2018, the Real Estate Board of Greater Vancouver reported that residential homes sales totalled 1,608, which is a 42.5% decrease compared to November 2017, and an 18.2% decrease from October 2018 when a total of 1,966 homes sold.
Metro Vancouver saw a total of 3,461 newly properties listed on the MLS in November 2018, which is a 15.8% decrease compared to this time last year, and a 29% decrease from October 2018 where 4,873 homes were newly listed. Currently, there are 12,307 properties listed throughout the region, which is a slight decrease of 5.2% compared to October 2018, however, it was a 40.7% increase from last November.
The Sales-to-Active ratio for all properties types in Metro Vancouver is currently sitting at 13.2%, making it a balanced market, but on the lower end, closer to a buyer’s market. Broken down by property type, the ratio for detached homes is 8.9%, 14.7% for townhomes and 17.6% for condos. Condos have once again shifted back into the high end of the balanced market, whereas townhomes still remain in a balanced market but seeing a slight decrease in its Sales-To-Active ratio. Detached homes are still in a buyer’s market like they have been for the past few months, making this the perfect opportunity for anyone wanting to move up in the market.
In November 2018, a total of 516 detached homes were sold throughout Metro Vancouver which is a 38.6% decrease from this time last year. Currently, the benchmark price for a detached home is $1,500,100, lasting an average of 55 days on the market.
Last month, townhouses saw a total of 282 properties being sold in Metro Vancouver, which represents a 36.8% decrease from November 2017, where 446 townhouses were sold. The average benchmark price for a townhouse is $818,500, lasting 40 days on the market.
Apartments saw a 46.3% decrease in home sales last month, with a total of 810 properties being sold throughout the region. The benchmark price for apartments saw a 2.3% increase compared to November 2017, and is currently sitting at $667,800, while spending an average of 34 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!