- In July, residential housing sales reached their lowest level since the Year 2000.
- 2,070 registered home sales...30% decline from the same month last yeasr (July 2017), and 29% below the 10-year July average.
- Summer is traditionally a quieter time in real estate.
- this is particularly true this year with the increased mortgage rates, stricter lending requirements, Buyers & Sellers are opting to take a wait-and-see approach for the time being.
- there were 4,770 New Listings in July 2018 brining the total to 12,137 Total Listings
- Sales-to-Active Listings Ratio:
- to better understand the relationship to supply and demand in the market, we look at the ratio of sales to active listings;
- downward pressure on home prices can occur when the ratio dips below 12% mark, while home prices can experience an upward pressure when it surpasses over 20% for sustained periods;
- this ratio for all property types across Metro Vancouver today, is 17% which suggests a Balanced Market.
- broken down by property types, we see:
- Detached Homes (10% Sales-to-Active Listings Ratio) in Buyers' Market territory;
- Townhomes (20% Sales-to-Active Listings Ratio) and Condos (27% Sales-to-Active Listings Ratio) remain in Sellers' Market territory but are trending towards a Balanced Market;
- with fewer Buyers active in today's market, we're seeing less pressure on home prices across the region...this is most pronounced in the Detached market
- Detached home prices have seen a -1.5% decrease over last year and have been trending down (-0.6%) in recent months;
- demand in the Townhomes (+12.1%) and Condos (+13.6%) market are also relenting from the more frenetic pace over the last year, and prices in both of these markets have declined (Townhomes (-0.4%) and Condos (-0.5%)) since June 2018.
The landscape of Metro Vancouver's real estate market is changing...
Please feel free to contact me for more detailed information.
Thanks for visiting.
Phil
