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Home sales for Vancouver Real Estate Market Report October 2018 as reported by Phil Moore, REBGV president.

“The supply of homes for sale today is beginning to return to levels that we haven’t seen in our market in about four years,” Phil Moore, REBGV president said. “For home buyers, this means you have more selection to choose from. For sellers, it means your home may face more competition, from other listings, in the marketplace.”

Lots of Listings – Slower Sales… – Vancouver Real Estate Market Report October 2018

The Vancouver Real Estate Market Report October 2018 in Metro Vancouver, sales were 26.8% below the 10 year October average. The sales-to-active listings ratio for October 2018 in Vancouver was 15.6%. By property type, Detached Homes: 8.8%, Townhouses: 21.0%, and Condos: 21.1%. Analysts suggest downward pressure on home prices occur when the ratio falls below the 12% mark for a sustained period. And an upward pressure when it remains over 20%.

Total number of properties currently listed for sale in October 2018 is 12,984 on the MLS in Metro Vancouver. The MLS saw an increase of 42.1% compared to October 2017 (9,137) and a 0.8% decrease compared to September 2018 (13,084).

A Look at the Vancouver Housing Stats

Your Vancouver Real Estate Market Report October 2018 median sales price of Condos in Vancouver is at $699,000 down 6.6% from a year ago. Townhouses in Vancouver median sales price $990,000 down 13.3% from a year ago.  Detached Homes in Vancouver median sales price is $1,867,500 down 13.1% from a year ago. Total October 2018 inventory: Vancouver Condos 1,836 up 70.3% from a year ago. Townhouses 319 up 35.7% from a year ago, and detached homes 1,659 down 4.4% from a year ago.  The average time a Vancouver property was on the market is 32 days, up 33.3% from a year ago.

Condo Neigbourhoods to Look Out For

Being an expert in the Vancouver Condo market, I get to see what happens daily. Utilizing tools to identify hot spots are a benefit to you with a personal understanding of the markets. I offer my opinion on the Vancouver Condo Hot Spots i feel are a great buy: Yaletown and Kitsilano.

Vancouver Houses to Keep an Eye on

Select pockets on the Westside Vancouver are taking longer to sell these days, and I know that some great deals will happen here. Keep your eyes open for homes in the Kitsilano and Dunbar areas as sellers are competing to sell. Want a great neighbourhood and amazing schools, these areas will suit your needs completely.

Vancouver Housing Statistics That are Important to You

The Condo Market HPI* – Live Feed

The Detached Home Market HPI – Live Feed

The Townhouse Market HPI – Live Feed

Average Days on Market – All Properties

What Does this All Mean – Vancouver Real Estate Market Report October 2018?

Analyzing all this data can be confusing, and each neighbourhood is going to be different.  Let me be your guide to understanding the Vancouver real estate market and your neighbourhood much better with my detailed reports.  Reach out to me now to help you with your real estate needs.

What Does this Mean if you are Buying a Property in Vancouver?

In Vancouver these days, purchasing a property can be challenging with all the elements and processes. Condos and Townhouses were in the hot seat for the last year. Now, 2 out of every 10 condos are selling these days. Detached single family home sales have slowed down even more with 1 out of every 10 houses selling. All buyers are able to be more selective with the homes they want, knowing there is less competition out there. This forces sellers to have their home is in tip-top condition to compete with the additional home inventory.

With having an ample supply of statistics for solds and active properties I can best help you with an offering price that would most likely get you the property you want on your terms and conditions. Let’s start this process today, reach out to me now to discuss your options.

What Does this Mean if you are Selling a Property in Vancouver?

Think back to 3 years ago when anything and everything that went on the market for detached single family homes, sold. That market has changed today, many home owners are now staging their property to get its full potential value. On average, detached single family homes are selling for 94.3% of the asking price. Condos and Townhouses (97.6%) are experiencing more interest than detached single family houses due to affordability.

Realtors have to be diligent with having proven Marketing skills and techniques to maneuver through the many facets of home selling, it’s not as easy as just putting a sign on the lawn expecting a mad rush of buyers at an open house these days.  Relying on and trusting your realtor to get you the most amount of money is critical for you to ensure you move on to where you need to go.  It all starts with me understanding your needs. Read some of my client’s reviews for my performance. Want to know how my Proven Marketing Plan works, let’s meet to discuss. No two transactions are alike, and you need someone who’s on the top of their game to help you. Contact me today to start this process, Find out what your home is worth.

Real Estate Terms You Should Know

Home Price Index*?

The MLS® Home Price Index is modelled on the Consumer Price Index which measures the rate of price change for a basket of goods and services including food, clothing, shelter, and transportation.

Instead of measuring goods and services, the HPI measures the change in the price of housing features. Thus, the HPI measures typical, pure price change (inflation or deflation).

Not Your ‘Average’ Price

The HPI benchmarks represent the price of a typical property within each market. The HPI takes into consideration what averages and medians do not – items such as lot size, age, number of rooms, etc. These features become the composite of the ‘typical house’ in a given area.

Each month’s sales determine the current prices paid for bedrooms, bathrooms, fireplaces, etc. and apply those new values to the ‘typical’ house model.

Andrew Szalontai, Vancouver Realtor

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