Blog: Vancouver Real Estate October 2018 Stats Videocast

Vancouver Real Estate October 2018 Stats Videocast

STATS!

Transcript: Home sales remained below historic averages in October while the supply of homes for sale has reached a four year high in Metro Vancouver's housing market. Well let's take a closer look, realtors registered 1966 home sales on the MLS in Metro Vancouver last month this is a 35 percent decline from the same period last year and is 27 percent below the 10-year October average the recent trend of fewer home sales is allowing home listings to accumulate and prices in our region to come down from the record-breaking high as we seen over the past 12 months for home buyers this means there's more choice in today's market for home sellers it means there's more competition for your listing there were about four thousand nine hundred listings newly added to the MLS in October bringing the total number of homes currently for sale to just under 13,000 this is the highest October total since 2014 home prices in our market are driven by supply and demand we measure this activity by taking the total inventory of homes for sale and comparing it to the number of sales each month we call this the sales to active listing ratio downward pressure on home prices can occur when this ratio dips below the 12% mark a hole prices can experience upward pressure when it surpasses 20% for sustained periods this ratio for all property types across Metro Vancouver today is 15% which is in balanced market territory this is the fourth month in a row we've seen a balanced market by property types we see detached homes are currently in a buyers market townhomes are in a balanced market and condos are on the cusp between a balanced and a seller's market prices for condos and townhouses are up in Metro Vancouver compared to one year ago but there's been downward pressure on all property types in recent months you can see here that since the spring home prices have edged down across all property types with the largest decrease in the detached home market followed by modest declines in the townhome and condo markets dynamics are shifting in Metro Vancouver's housing market it's important for home buyers and sellers to work with their local realtor to understand what these trends mean to them for further housing market information go to the news and statistics section of this website for the Real Estate Board agreed or Vancouver

home sales remained below historic