So the July 2018 Real Estate Numbers are out now, Today I am going to dive deep into what these numbers mean in the Greater Vancouver Market and highlight which area you should think about buying.
Usually at this time of year it is really busy, then it begins to slowing down in August and into the fall.
Last month’s sales in July was 29.3 per cent below the 10-year July sales average. The market in general has fewer active buyers, we’re seeing less upward pressure on home prices across the region. This is especially in the detached home market. Demand in the townhome and condos are also down significantly from the years past.
Overall the residential active to sales ratio is at 17% which means that for every 100 properties forsale only 17 sell. Broken down by property type Detached homes across metro vancouver at are 10% active to sales, Condos are at 27% and townhomes are at 22%. Prices are usually start dropping when the active to sales ratio dips below 12 % mark for sustained periods of time.
Inventories in general have increased 21.9 percent over all property types compared to last year. That is a big increase in inventory. Broken down by property type we see detached homes with a inventory increase of 8.6%, Condos at 46% increase, and Townhomes with a 40.6% inventory increase.
Speaking to Most buyers and sellers in general they are taking the wait and see approach. The buyers will come out if they notice a great deal and I have seen this over the past weekend. For example, Detached homes in South burnaby currently have a benchmark price of $1.68 million, the house was listed at $1 million. At the open house there was actually a long line up of buyers waiting to enter the home to view it. It was a total zoo. So the buyers are out there!! They are just looking for a good deal. Provide the deal now and the buyers will come.
Looking at the home price index across metro vancouver, detached homes are at a benchmark price $1.588 million which is a 1.5% decrease from the same month last year. Condo benchmark is at $700,000
which is a 13.6 % increase in price. And townhomes are at $856,000 with is a 12.1 % increase compared to last year.
So do I see a trend here? Which areas have dropped the most? The best thing to do is to look at 3 month price trends, this way you can firmly see a solid direction.
For detached homes, West Vancouver had the biggest price change over the last 3 months from a benchmark price of $2.5 million with a decrease of 4.5%, Followed by Richmond with benchmark price of $1.64 million with 2.5% decrease and North Burnaby with a benchmark price $1.55 millon
also at 2.5% decrease.
For Condos the biggest price drop is again was West Vancouver with a benchmark price of $1.23 million at 4.8% decreases followed by Burnaby East with a benchmark price of $701,000
at 4.1% and Port Moody $674,000 with a 2.6% decrease.
For Townhomes, Squamish had a benchmark price of $874,000 with a 6.8 % decrease over 3 months, followed by Vancouver East with a benchmark price of $892,000 with a 4.4% decrease followed by maple ridge at $567,000 with a 3% decrease.
So if I was a buyer I would look in those areas. The market is definitely changing and to the buyers advantage. Prices have dropped in some areas but not in all of them. Please visit my website here to download the entire stats package. Its always a good idea to have a pulse on the market.
Question of the day, Would do you think the prices are heading the greater vancouver market? Up or Down? Answer in the comments below. I will make it an effort to personally respond to all the comments. If you are in the market to sell or buy I have linked up a playlist of helpful tips in the description below.