October 2018 Vancouver Real Estate Market Update
Dan Wurtele
Living in Vancouver for the past 26 years it has been exciting to watch it grow into one of the most desirable cities in the world...
Living in Vancouver for the past 26 years it has been exciting to watch it grow into one of the most desirable cities in the world...
October saw a 34.9% decrease in sales volume compared to October 2017.
What's more, October 2018 sales were 26.8% below the 10 Year Average.
October did see a 23.3% increase in sales volume over the previous month, September.
Vancouver West
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 9.9% from October 2017, Townhomes down 2.6% and Condo's posting a gain of 0.4%.
Breaking It Down By Housing Type
DETACHED HOMES
Sales of detached properties in October 2018 reached 66, a -38.9% decrease from October 2017. The benchmark price for detached properties is $3,267,800. This represents an -9.9% decrease from October 2017.
TOWNHOMES
Sales of Townhomes in October 2018 reached 39, a -11.4% decrease from October 2017. The benchmark price for Townhome is $1,232,500. This represents an -2.6% decrease from October 2017.
CONDOS
Sales of Condos in October 2018 reached 269, a -31% decrease from October 2017. The benchmark price for condo properties is $809,600. This represents an +0.4% increase from October 2017.
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 Realtor 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 early stages of the Slump Phase and are targeting the properties and investment strategies that thrive in this environment.