Metro Vancouver saw more home sellers and fewer buyers in September.
The Real Estate Board of Greater Vancouver saw residential homes sales total 1,687 in September 2022 which is a 46.4% decrease from this time last year (3,149) and a 9.8% decrease from the 1,870 homes sold in August 2022. Last month's sales were 35.7% below the 10-year September sales average.
Newly listed properties in September for Metro Vancouver reached 4,229 for all property types. This equates to a 18.2% decrease from September 2021 (5,171) and a 27.1% decrease compared to August 2022 (3,328).
Analysts generally agree that downward pressure on home prices occur when the sales-to-active ratio dips below 12% which is referred to as a Buyer’s Market, whereas home prices experience upward pressure when it goes beyond 20%, also referred to as a Seller’s Market. A Balanced Market is between the two. Metro Vancouver saw a decrease in the combined sales-to-active ratio from last month and now we are in a Balanced Market.
Broken down by property type, the sales-to-active ratio for September 2022 is 12.4% for detached homes, 18.4% for townhouses, and 20.9% for condos. This means that townhouses are in a Seller's Market, condos are in a Seller's Market as well and the detached sector is in a Balanced Market.
The Real Estate Board of Greater Vancouver reports that the composite benchmark price is currently above $1 million at $1,155,300 this represents a 3.9% increase over September 2021.
The total sales for September 2022 were 1,687. This works out to 525 detached homes with a benchmark price of $1,906,400, 274 townhouses with a benchmark price of $1,048,900 and 888 apartments with a benchmark price of $728,500.
Ready to jump into the market? Whether you’re looking to buy, sell, or learn more about what this means for you, reach out to us today!
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