Market Statistics - September 2018



September of 2018 continued the trend of the last few months: July sales hit a 30 year low, August a 6 year low, and September a 10 year low. The last time that we had similar sales numbers in September was in the infamous year of 2008. Keep in mind that there are now more homes overall in the Lower Mainland than in 2008 with the high pace of building and densification over the last few years.

We are also noticing a large spike in the number of listings that have been terminated or have expired in the last few weeks. Throughout September, the average number of terminated/expired listings was about 1300 a week. In the first week of October, it has risen to 2098. This may indicate that sellers, much like many buyers, are going to take a wait-and-see attitude. The average terminated listing was removed from the market approximately halfway through the listing period, which was, on average, 148 days long.

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, 16 of the 50 sales (32%) were at or above the asking price (98.4% of the asking price, on average) and were on the market for an average of 20 days in the last week of September.

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 September
# Sales
at/over Asking
Total Sales
% of Sales
at/over Asking
Type of Unit
% of
Asking Price
Avg Days
on Market
020%Studio (no separate bdrm)93.0%17
165032%One bedroom98.4%20
147618%Two bedroom98.2%24
432
13%
Three or more bedrooms97.0%31
3416021%Total of all types97.9%24

Fraser Valley Attached Property Sales in the last week of September
# Sales
at/over Asking
Total Sales
% of Sales
at/over Asking
Type of Unit
Avg Paid
over Asking
Avg Days
on Market
00 -Studio (no separate bdrm)--
313 23%One bedroom99.2%21
43711%Two bedroom96.9%42
41921%Three or more bedrooms97.9%32
116916%Total of all types97.6%
35

Metro Vancouver Detached Property Sales in the last week of September
# 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 $999,99998.6%10
63816%$1M to $1.999M94.6%31
52223%$2M and up92.1%55
116218%
Totals
93.2%39

Fraser Valley Detached Property Sales in the last week of September
# Sales
at/over Asking
Total Sales
% of Sales
at/over Asking
     Sale Price of Home   
% of
Asking Price
Avg Days
on Market
83921%$0 to $999,99998.3%38
31619%$1M to $1.999M96.4%38
000%$2M and up0.0%-
115520%Totals97.5%38

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

"For all property types, the sales-to-active listings ratio for September 2018 is 12.2% (August was 16.3%, July was 17.1%, June was 20.3%, and May was 25.1%, so the trend is towards a buyer's market). By property type, the ratio is 7.8% for detached homes (August was 9.2%, July was 9.9%, June was 11.7, and May was 14.7%), 14.0% for townhomes (August was 19.4%, July was 20.2%, June was 24.9%, and May was 30.8%), and 17.6% for condominiums (August was 26.6%, July was 27.3%, June was 33.4%, and May was 41.7%).

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."

The Fraser Valley Board experienced a drop of 36.1% compared to the 1,619 sales in September of 2017 and has the highest number of listings since July of 2015.

Just like last few months, September'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.