September 2018 Vancouver Real Estate Market Update
September saw a 43.5% decrease in sales volume compared to September 2017.
What's more, September 2018 sales were 36.1% below the 10 Year Average.
New Real Estate taxes, the stress test, rising interest rates and high prices are among the factors dampening home buyer activity.
Focusing in on the Vancouver West area (from Downtown to Marpole, and everything West of Ontario St.) we see the Detached market down 10.9% from September 2017, Townhomes down 2.8% and Condo's posting a gain of 1%.
Breaking It Down By Housing Type
Sales of detached properties in September 2018 reached 39, a -47.3% decrease from September 2017. The benchmark price for detached properties is $3,254,200. This represents an -10.9% decrease from September 2017.
Sales of Townhomes in September 2018 reached 28, a -51.7% decrease from September 2017. The benchmark price for Townhome is $1,229,300. This represents an -2.8% decrease from September 2017.
Sales of Condos in September 2018 reached 209, a -48.1% decrease from September 2017. The benchmark price for condo properties is $804,100. This represents an +1% increase from September 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.