Thanksgiving is only 19 days away and Buyers can already be grateful for a 2.7% drop in price (Home Price Index) in the Greater Vancouver Area since January 2019. It's a 10% decrease compared to the height of the market in May and June 2018. See LIVE link here.
The overall market in August was in a Balanced Market with a 16.7% Sales-to-Active Listings Ratio vs 12.7% in April (Buyer's Market). Please take a look below at the noticeable difference of Sales Ratios in the Detached Market in May vs April. There are very distinct trends in the Real Estate market based on location.
Here are the strongest markets for Detached Homes:
***Generally, analysts say that 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. ***All stats are available to you in the complimentary SnapStats Report.
Pitt Meadows: 44% vs 23% in July 2019 (increase)
Port Coquitlam: 25% vs 21% in July 2019 (increase)
North Vancouver: 20% vs 21% in July 2019 (decrease)
Maple Ridge: 17% vs 19% in July 2019 (decrease)
Coquitlam: 17% vs 17% in July 2019 (unchanged)
Burnaby: 15% vs 17% in July 2019 (decrease)
Port Moody: 13% vs 12% in July 2019 (decrease)
New Westminster: 12% vs 15% in July 2019 (decrease)
East Vancouver: 12% vs 16% in July 2019 (decrease)
Here are the strongest markets for Attached Homes:
Pitt Meadows: 50% vs 15% in July 2019 (increase)
Port Moody: 30% vs in 43% July 2019 (decrease)
East Vancouver: 30% vs 27% in July 2019 (increase)
North Vancouver: 27% vs 25% in July 2019 (increase)
Port Coquitlam: 26% vs 24% in July 2019 (increase)
Downtown Vancouver: 25% vs 20% in July 2019 (increase)
New Westminster: 24% vs 27% in July 2019 (decrease)
Coquitlam: 24% vs 28% in July 2019 (decrease)
Burnaby: 23% vs 22% in July 2019 (decrease)
If you are a Seller, it is still possible to beat the odds and sell quickly when you price your property well and when you use powerful marketing strategies such as staging.
I strongly advise Buyers to pay attention to the new properties going in the market and do their due diligence beforehand. There are still multiple offer scenarios when the property is well-priced. The most important part of the process is to be pre-approved and finance ready. Knowing exactly what your most important buying criteria are is another pre-requisite to facilitate quick buying decisions. If you like a property profile, don't loose the opportunity from other savvy buyers. Be ready.
Overall Market Picture
Last month’s sales were 9.2 per cent below the 10-year August sales average.
The overall market in May was in a Balanced Market with a 16.7% Sales-to-Active Listings Ratio vs 12.7% in April (Buyer's Market).
Below, we can see that the Home Price Index has decreased by 8.3% since August 2018.
“With more demand from home buyers, the supply of homes listed for sale isn’t accumulating like earlier in the year. These changes are creating more balanced market conditions,” Smith said.
***It is very important to pay attention to local market trends as they tend to be VERY different. Look at the SnapStats Report and consult your realtor to establish the best winning strategies either for selling or buying. The SnapStats Report is a phenomenal report that you can consult for free to get familiar with the latest trends. Download the SnapStats Reporthere.
If you have any questions, please send me an email and I would be happy to help you for your Buying or Selling needs.
Watch the Real Estate Board of Greater Vancouver video below for the overall monthly summary or get the market speed for your home in your neighborhood with Market Speedo and the SnapStats report.
Happy read and happy watch!
Cheers,
Francis
Watch The Video! - Housing August 2019 Market Update
Metro Vancouver Housing Market Sees Summer Uptick In Sales
Home buyer activity increased to more typical levels in Metro Vancouver throughout the summer months.
“Home sales returned to more historically normal levels in July and August compared to what we saw in the first six months of the year,” said REBGV President Ashley Smith.
“With more demand from home buyers, the supply of homes listed for sale isn’t accumulating like earlier in the year. These changes are creating more balanced market conditions,” Smith said.
August’s Statistics
Number of Sales: 2,231 in August 2019, a 15.7 per cent increase from the 1,929 sales recorded in August 2018, and a 12.7 per cent decrease from the 2,557 homes sold in July 2019. Sales of detached properties reached 706, a 24.5 per cent increase from the 567 detached sales recorded in August 2018. Sales of apartment properties reached 1,116 in August 2019, an 8.9 per cent increase compared to the 1,025 sales in August 2018. Last month’s sales were 9.2 per cent below the 10-year August sales average.
Percent of Original List Price Received at Sales: 95.6% vs 95.7% in July.
Sales-to-Active-Listings Ratio: For all property types, the sales-to-active listings ratio for August 2019 is 16.7%. By property type, the ratio is 11.5% for detached homes, 18% for Townhomes, and 20.7% for apartments.
Total Inventory: 13,396, a 13.3 per cent increase compared to August 2018 (11,824) and a 5.9 per cent decrease compared to July 2019 (14,240). There were 3,747 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2019. This represents a 3.5 per cent decrease compared to the 3,881 homes listed in August 2018 and an 18.8 per cent decrease compared to July 2019 when 4,613 homes were listed.
Benchmark Price:$993,300. This represents an 8.3 per cent decrease over August 2018 and a 0.2 per cent decrease compared to July 2019. The benchmark price for Detached Homes is $1,406,700. This represents a 9.8 per cent decrease from August 2018 and a 0.7 per cent decrease compared to July 2019. The benchmark price for Condo properties is $771,000. This represents a 7.4 per cent decrease from August 2018 and a 0.1 per cent increase compared to July 2019.
Median Days on Market:28 days vs 20 days in April 2019. If we take a closer look at Downtown Vancouver, the Median Days on Market in August was 25 vs 16 days in May 2019. For more information about your neighbourhoods' sales and price statistics, I strongly encourage you to download the latest SnapStats Report.
