March 2019 Vancouver Real Estate Market Update
Metro Vancouver home sales were down 31.4% in March 2019 compared to March 2018, and were the lowest sales levels seen since 1986. A 33 Year Low.
Sales of all properties in the Greater Vancouver Area reached 1,727 in March 2019, a 31.4% decrease from the 2,517 sales recorded in March 2018, and a 16.4% increase from the 1,484 homes sold in February 2019.
The total number of homes currently listed for sale on the MLS in Metro Vancouver is 12,774, a 52.4% increase compared to March 2018.
It is a very polarizing market - while most property types in most areas are still dropping in price, there are pockets that have seen a bounce back in price since their lows in November. Higher levels of activity are seen in condo's under $800,000 - and well priced homes are selling in the first week. Detached home sales in the Vancouver West area were up 23% over March 2018.
The Sales to Active Listings Ratio has inched up for all property times over the last few months, with Condo's and Townhomes entering "Balanced Market" conditions. Detached homes remain in Buyers Market territory.
As a buyer, you have more supply to choose from than you've had in over 5 years. The higher the price point you are looking at, the more likely it is you can negotiate on price and favourable terms. Low Ball offers are becoming increasingly common, and some are being accepted.
As a seller, make sure you are working with a professional who knows how to market your home extensively to maximize its exposure. Price is the most important factor and if you need to sell, make sure to price ahead of the downward curve. Smartly priced properties properties are still selling in the first week.
As an Investor, you know we are in the late stages of the Slump Phase and are targeting the properties and investment strategies that thrive in this environment.
Focusing in on the Vancouver West area (from Downtown to Marpole, and everything West of Ontario St.) we see the Detached market Average Price down 12.3% from March 2018, Townhomes down 6.8% and Condo's were down 8.9%
Breaking It Down By Housing Type
Sales of detached properties in March 2019 reached 64, a 23.1% increase from March 2018. The benchmark price for detached properties is $3,026,300. This represents an 12.3% decrease from March 2018.
Sales of Townhomes in Marc 2019 reached 28, a 9.7% decrease from March 2018. The benchmark price for Townhome is $1,184,500. This represents an 6.8% decrease from March 2018.
Sales of Condos in March 2019 reached 235, a 33% decrease from March 2018. The benchmark price for condo properties is $769,200. This represents a 8.9% decease from March 2018.