Stats! Stats! Stats!
Transcript: the supply of homes for sale continue to increase across the Metro Vancouver
housing market in September as home buyer demand remains below typical levels for this time of year let's take a closer look at what happened realtors registered about 1,600 home sales on the MLS last month this is a 44 percent decline from the same period last year and is 36% below the 10-year September average with fewer home sales home listings are able to accumulate and prices in our region are able to ease there were about 5,300 listings newly added to the MLS in September bringing the total number of homes currently for sale to just over 13,000 this is the highest we've seen this total in four years like all markets home prices are dictated by supply and demand we measure this by looking at the total inventory of homes for sale and compare it to the number of sales in a given month we call this the sales to active listings ratio downward pressure on home prices can occur when the ratio dips below the 12% mark while home crisis can experience upward pressure when it surpasses 20% for sustained periods this ratio for all property types across Metro Vancouver today is 12% which suggests a balanced market this is the third month in a row we've seen a balanced market and the ratio is trending towards a buyer's market broken down by property type we see detached homes are currently in buyers market territory townhomes and condos are in a balance market while residential prices are up in Metro Vancouver compared to one year ago there's been downward pressure in recent months this price represents a blending of all homes across the region which provides an overall sense of pricing trends across the market broken down by property type you can see home prices have edged down most in the single-family home market townhome and condo prices are higher now than this time last year however they started to see month over month declines in the summer Metro Vancouver's housing market has changed pace recently compared to the last few years it's important for both homebuyers and sellers to work with their local realtor to understand what these trends mean to them