Fall is in full swing bringing a lot of rain and cooler temperatures to Metro Vancouver this October. Vancouver’s real estate market was also still seeing a shift last month, leaving buyers with more selection to choose from, and creating more competition from other listings for sellers.
In October 2018, residential home sales in the region totalled 1,966. This represents a 34.9% decrease compared to this time last year where we saw 3,022 total properties being sold, however sales did increase compared to September 2018 by 23.3%!
Metro Vancouver saw a total of 4,873 newly properties on the MLS, which is a 7.4% increase from October 2018, and a 7.7% decrease from last month. Currently, there is a total of 12,984 properties listed on the MLS, which is a 42.1% increase compared to October 2017, giving people a wide variety of properties to choose from.
The Sales-to-Active ratio for all properties types in Metro Vancouver is currently sitting at 15.1%, making it a balanced market. Broken down by property type, the ratio for detached homes is 10.3%, 17.3% for townhomes and 20.6% for condos. Condos have shifted slightly back into the Seller’s market, whereas townhomes still remain in a balanced market, however seeing an increase 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 October 2018, a total of 637 detached homes were sold throughout Metro Vancouver, which is a 32.2% decrease compared to this time last year. The average benchmark price for a detached home is currently $1,524,000, lasting an average of 53 days on the market.
Last month there were 344 total townhomes that were sold, which is 37.5% decrease compared to October 2017. The average benchmark price for a townhome is sitting at $829,200, spending an average of 32 days on the market.
Apartments saw a 35.7% decrease in home sales compared to last year, with a total of 985 apartments being sold throughout the region. The average benchmark price is currently $683,500, with an average of 29 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!