Market Statistics - June 2018

 

The sales for June of 2018 continued the slowing trend of the last few months. Especially hard hit have been single family homes (detached) which experienced sales 28.7% lower than the 10-year-average in Greater Vancouver. We haven't seen sales levels this low since 2012. 

Detached homes have entered "buyer market" territory as the sales-to-active ratio has fallen below 12%. The worst hit areas are West Vancouver (-2.5% since May 2018) and Burnaby North (-2.3% since May 2018). The prices of attached homes (townhouses and condos) are still rising in many areas but the rise is definitely slowing month over month.

The Fraser Valley is no longer experiencing price appreciation in every subarea as in recent months. About 1/3 of the subareas in the condo and townhouse market are seeing percentage drops over last month. 

Here are a few tables to better show what the most recent market statistics are doing.

Note that most of the numbers are going down (red): total sales, % of sales over asking, and percent of asking price. As well, the average days on the market are growing in most categories. (Numbers in blue)

As an example of reading the statistics below:  for one bedroom units in Metro Vancouver, 39 of the 71 sales (55%) were at or above the asking price (100.8% of the asking price, on average) and were on the market for an average of 16 days in the last week of June.

Red numbers means the number is lower than the previous month.
Blue numbers mean that the number is higher than the previous month.
Green numbers mean that the number is the same as last month.

Metro Vancouver Attached Property Sales in the last week of June

# Sales
at/over Asking
Total Sales
% of Sales
at/over Asking
Type of Unit
% of
Asking Price
Avg Days
on Market
1333%Studio (0 bdrm)100.0%5
397155%1 bedroom100.8%16
369638%2 bedrooms99.0%21
1233
36%
3+ bedrooms98.5%17
8420343%Total of all types99.3%17

 Fraser Valley Attached Property Sales in the last week of June

# Sales
at/over Asking
Total Sales
% of Sales
at/over Asking
Type of Unit
Avg Paid
over Asking
Avg Days
on Market
12 50%Studio (0 bdrm)97.9%31
516 31%1 bedroom98.3%14
113811%2 bedrooms98.6%20
63633%3+ bedrooms99.4%28
229224%Total of all types98.9%22

 Metro Vancouver Detached Property Sales in the last week of June

# Sales
at/over Asking
Total Sales
% of Sales
at/over Asking
     Sale Price of Home   
% of
Asking Price
Avg Days
on Market
020%$0 to $999,99998.8%61
73023%$1M to $1.999M96.2%35
51631%$2M and up96.0%29
324825%
Totals
96.2%34

Fraser Valley Detached Property Sales in the last week of June

# Sales
at/over Asking
Total Sales
% of Sales
at/over Asking
     Sale Price of Home   
% of
Asking Price
Avg Days
on Market
82730%$0 to $999,99999.5%26
61540%$1M to $1.999M98.3%21
1333%$2M and up99.4%3
154533%Totals99.0%23


From the REBGV's June Stats: (I've added the text within the brackets)

For all property types, the sales-to-active listings ratio for June 2018 is 20.3% (May was 25.1%, April was 26.3%, and March was 30.0%, so the trend is towards a buyer's market). By property type, the ratio is 11.7% for detached homes (May was 14.7%, April was 14.1%, and March was 14.2%), 24.9% for townhomes (May was 30.8%, April was 36.1%, and March was 39.9%), and 33.4% for condominiums (May was 41.7%, April was 46.7%, and March was 61.6%).

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

Just like last month, June's sales-to-active ratios are all heading the right direction if you are a buyer. 


Included below are the latest statistics for real estate in the REBGV (Real Estate Board of Greater Vancouver) and FVREB (Fraser Valley Real Estate Board) areas. You will find a clickable link to each area below which will open up as a separate PDF file.

Click on the links (in blue) below for the statistics package for your area:

(The links each take a few second to open as they are files stored on my Google Drive.) 

BURNABY/NEW WEST  
Burnaby EastBurnaby NorthBurnaby SouthNew Westminster
    
TRI-CITIES  
CoquitlamPort CoquitlamPort Moody 
    
VANCOUVER  
Metro VancouverVancouver East 
    
NORTH SHORE  
North VancouverWest Vancouver  
    
SOUTH FRASER/RICHMOND  
LadnerTsawwassenRichmond 
    
RIDGE MEADOWS   
Pitt MeadowsMaple Ridge  
    
UP THE COAST/ISLAND  
Bowen IslandSquamishSunshine CoastWhistler


Here are the full statistic packages for 
Greater Vancouver and the Fraser Valley (which includes Surrey, North Surrey, South Surrey/White Rock, Cloverdale, Delta, Langley, Abbotsford, Chilliwack, and Mission.)

Below is a link to a graph showing the rise in prices in the Lower Mainland just for resale properties (no new homes) over the last year. This link is live so it will update when the new statistics come in each month. LINK to live graph

Please feel free to contact us if you would like specific information for your sub-area or if you would like a market evaluation of the value of your home.