Nov 2018 Real Estate Report


So the Nov 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. 


Last month’s sales in Nov was a 42 % decrease from the same month last year and 18 percent decrease from Oct 2018


 Home buyers have been taking a wait-and-see approach for most of 2018. This has allowed the number of homes available for sale in the region to return to more typical historical levels.  This activity is helping home prices edge down, across all property types, from the record highs we’ve experienced over the last year.


For new inventory hitting the market in November, sellers have also been holding off listing there home for-sale.  As the sellers are also taking the wait and see approach.   November new listings totalled 3461 which was a 15% decrease compared to Nov 2017, and 29% decrease from the previous month. Total inventory however is still 40 percent higher compared to the same month last year.


For all property types, the sales-to-active listings ratio for November 2018 is 13.1 per cent. By property type, the ratio is 8.9 per cent for detached homes, 14.7 per cent for townhomes, and 17.6 per cent for apartments


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. 


Home prices have declined between four and seven per cent over the last six months depending on property type. We’ll watch conditions in the first quarter of 2019 to see if home buyer demand picks up ahead of the traditionally more active spring market.


Detached home sales in November 2018 reached 516, a 38.6 per cent decrease from the 841 detached sales recorded in November 2017. The benchmark price for detached homes is $1.5 million. This represents a 6.5 per cent decrease from November 2017 and a 1.6 per cent decrease compared to October 2018.


Apartment home sales reached 810 in November 2018, a 46.3 per cent decrease compared to the 1,508 sales in November 2017. The benchmark price of an apartment property is $667,000. This represents a 2.3 per cent increase from November 2017 and a 2.3 per cent decrease compared to October 2018.


Attached home sales in November 2018 totalled 282, a 36.8 per cent decrease compared to the 446 sales in November 2017. The benchmark price of an attached home is $818,000 This represents a 2.6 per cent increase from November 2017 and a 1.3 per cent decrease compared to October 2018.


So Which areas have dropped the most?  I usually look at 3 month trends.  


For detached homes, Ladner had the biggest price change over the last 3 months from a benchmark price of $949,000 with a decrease of 6%.  Followed by Pitt Meadows  with benchmark price of $894,000  with 5.0% decrease and Burnaby East with a benchmark price $1.2 Million with a 4.9% decrease.  


For Condos the biggest price drop is was Wistler with a benchmark price of $551,000 at 8% decreases followed by Coquitlam with a benchmark price of $522,000 at 5.5% Decrease and Burnaby South with benchmark price of $689,000 with a 4% decrease.  


For Townhomes, Vancouver East had a  benchmark price of $830,000 with a 7%  decrease over 3 months, followed by Tsawwassen with a benchmark price of $739,000 with a 6.9% decrease followed by Ladner at $769,000 with a 6% decrease.     


So if I was a buyer I would look into those areas.  If you are in the market to buy a home I always recommend following sold prices and the news.   This makes it much easier for you to spot a good investment opportunity.   Check out this detached home located in the Oakridge area.  It is a 65 x 120 lot asking $2.79 Million with a tax assessment value of $3.48 Million.  


Or this Old timer in Dunbar asking $2.28 Million which was sold in April of 2017 for $2.6 Million with a current tax assessment value of $2.59 Million.  


In regards to selling your home, sellers who are willing to price their homes at under its current market value are still getting a lot of interest.  I see some sellers testing the market listing their detached homes in the south burnaby area for 1 million dollars then immediately raising there asking price to market value.  


Question of the day, What will the Spring 2019 Real Estate Market look like?  Answer in the comments below.  I will personally respond to all the comments myself. 


Read full post
Categories:   Aubrey Elementary | BC | BC Assessment | BC Condo Flipping Registry | BC Condo Rules | BC Speculation tax | Belford Properties | Big Lot Burnaby | Bolivar Heights, North Surrey Real Estate | Brentwood Park, Burnaby North Real Estate | Brighouse, Richmond Real Estate | burnaby | Burnaby home | Burnaby Home Buying | Burnaby Home seller | Burnaby House Forsale | Burnaby Lake, Burnaby South Real Estate | Burnaby Market Snapshot | Burnaby Real Estate | Burnaby Real Estate Market | BUy | Buye | Buyer | Buyer tips | Buyers | Buyers Tips | Canada | Champlain Heights, Vancouver East Real Estate | Closing Costs | Cloverdale BC, Cloverdale Real Estate | Coal Harbour, Vancouver West Real Estate | Collingwood VE, Vancouver East Real Estate | Commission | Condo | Condo Living | Condo Rules | Coquitlam West, Coquitlam Real Estate | Crescent Bch Ocean Pk., South Surrey White Rock Real Estate | Downtown VW, Vancouver West Real Estate | East Newton, Surrey Real Estate | Edmonds BE, Burnaby East Real Estate | Exp realty Canada | EXP Realty Vancouver | False Creek, Vancouver West Real Estate | First | First time Buyer | First time home | First time home buyer | first time home buyer bc | first time home buyer bc 2019 | Fleetwood Tynehead, Surrey Real Estate | Fraserview NW, New Westminster Real Estate | Fraserview VE, Vancouver East Real Estate | Glossary of Real Estate Terms | Grandview Surrey, South Surrey White Rock Real Estate | Grea | Greater Vancouver | Greater Vancouver real estate report feb 2019 | Guildford, North Surrey Real Estate | Hamilton RI, Richmond Real Estate | Hastings East, Vancouver East Real Estate | Highgate, Burnaby South Real Estate | Home | Home Insurance | Home Sell | Home Value | Homekeepr | Homekeepr Free download | Homekeepr Review | Homekeepr Vancouver | Homes | Interest Rates | July 2018 Greater Vancouver Real Estate Market Report | June 2018 | Killarney VE, Vancouver East Real Estate | Knight, Vancouver East Real Estate | Langley | Langley City, Langley Real Estate | Langley Condo | Main, Vancouver East Real Estate | mar | Mark | Market | Market report | Market report 2018 | market up | Market Update | Market Value | May market recap | Metrotown, Burnaby South Real Estate | Mistakes | Morgan Creek, South Surrey White Rock Real Estate | Mortgage Rates today | mortgage update | Mortgage update 2018 | Moving to Vancouver BC | Multiple Offers | North Coquitlam, Coquitlam Real Estate | November 2018 Real Estate Report | November Market Report | October 2018 Greater Vancouver Real Estate Market Report | Panorama Ridge, Surrey Real Estate | Paramount Richmond | Paramount Richmond Keltic | Parkcrest, Burnaby North Real Estate | Parkcrest, North Burnaby | Photography | Presale | Presale Condo Walk Thru | Presale Condos | Presale Vancouver | Real estate | Real Estate tip | Realtor | richmond | RRSP Home buyers Plan | S.W. Marine, Vancouver West Real Estate | Scottsdale, N. Delta Real Estate | Seafair, Richmond Real Estate | Sell | Seller | Seller Tip | Selling | selling home | Selling Real estate | selling Tenanted Property | South Slope, Burnaby South Real Estate | Speculation and Vacancy Tax | Strata Rules BC | Strategy | Sun towers | Sun Towers 2 Belford | Sun towers 2 Burnaby | Sun towers 2 Metrotown | Sun towers 2 Prices | Sun towers Belford | Sun towers Burnaby | Sun Towers Floorplans | Sun towers Metrotown | Sun towers Prices | Surrey | Tips | Unwritten Oakridge by Westbank | Upper Deer Lake, Burnaby South Real Estate | Uptown NW, New Westminster Real Estate | Vancouver | Vancouver 2018 Real Estate Market Report | Vancouver Condo | Vancouver Home | Vancouver Home Buyer | Vancouver Home Buying | Vancouver home seller | Vancouver Homeowner | Vancouver M | Vancouver Market report | Vancouver Real Estate | Walnut Grove, Langley Real Estate | West Cambie, Richmond Real Estate | West Coquitlam, Coquitlam Real Estate | Whalley, North Surrey Real Estate | White Rock, South Surrey White Rock Real Estate | Yaletown, Vancouver West Real Estate
Categories
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.