On the Multiple Listing Services in September, Greater Vancouver registered 2821 home sales a notable 25.2% higher than last year but, 7.3% less than the busy August this year according to the real Estate Board of Greater Vancouver.
The market has recovered significantly this spring, followed by a market cool down and the foreign buyer tax launch last fall, the home sales in the region have been largely sliding since May.
September’s sales however were still robust from a historical perspective at 13.1% higher than the 10 year average for the month. At 5375 new listings on the market increased both month over month (up to 26.6%) and year over year (12%) as the sellers looked to enter a busy fall market. This flurry of new listings brought a total active inventory of 9354 units as of end of September – a monthly rise of 7.5% and a 1.2% rise over the same month last year.
Across all the housing types, the sales to active listings ratio for September are 29.8% which is still a seller’s market – but significantly lower than Augusts’ 34.6%. However, the market conditions vary within each property type. The ratio is 14.6% for detached homes – a balanced market, and moving towards a buyer’s market. However, the market conditions vary within each property type. The ratio is 14.6% for detached homes – a balanced market, and moving towards a buyer’s market – compared with 42.3% for town homes and 60.4% for condominiums – both strong seller’s markets, but both also lower than last month.
Despite sales slowing compared with the previous month, the benchmark price of a typical home rose to another new record – now at $1037300.
Home Type Breakdown
• Single family homes saw the biggest annual rise compared with last year’s slump, detached transactions did not post the steepest year over year growth in September.
• Great Vancouver house sales were 27.4% higher than the same month last year, but 5.5% lower than August.
• Town homes, duplexes, row homes and other attached home sales far outstripped detached homes in terms of annual growth, rising to 40.4% year over year – this is still down 2.1% from August.
•September saw a sale of 1451 condo units in Greater Vancouver – a 19.1% increase compared with last year. But, 10% lower than the extremely hot condo market in August this year.
Prices by Property Type
• Even though sales fell and listings rose compared with August this year, benckmark prices across all property types raised another 0.7% on top of that month’s record price. This is a 10.9% jump since September 2016.
• This overall price rise was dominated by attached units and condos with detached homes rising just 0.1% month over month.
• Detached homes made up 30% of all the sales in September and represented 62% of all the homes listed for sale. This dynamic has slowed the pace of upward pressure that we’ve seen on detached home prices in our market over the last few years.
• The benchmark price of a typical attached home increased by 14.5% over September 2016 and a 1.1% rise since August 2017.
Naz Allahyari has been one of the most leading residential Realtors in Vancouver West and North Shore Real Estate Market since 2007. 1480 HOWE STREET for sale in Vancouver by Naz Allahyari from RE/MAX Masters Realty.
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