Market Update by Homes By Hutniak

The amount of sales remain low as supply of homes continue to grow across Metro Vancouver. This can be a trying time for home owners trying to sell their home quickly and a great opportunity for buyers trying to get into the market. With more properties on the market and less competition, buyers are less likely to end up in multiple offers. If you are a home owner in need of selling your home NOW it's not impossible, you may need to adjust your asking price, paint or stage your home to attract more buyers. I always hear sellers say they are losing money if they don’t sell their home for x amount of dollars but in reality, they never had that money to begin with and as long as they sell for more then what they bought for they are making a profit.


Here’s September 2018 Real Estate statistics compared to previous years by REBGV.


“The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 1,595 in September 2018, a 43.5 per cent decrease from the 2,821 sales recorded in September 2017, and a 17.3 per cent decrease compared to August 2018 when 1,929 homes sold.”


“There were 5,279 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2018. This represents a 1.8 per cent decrease compared to the 5,375 homes listed in September 2017 and a 36 per cent increase compared to August 2018 when 3,881 homes were listed.”


“The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,084, a 38.2 per cent increase compared to September 2017 (9,466) and a 10.7 per cent increase compared to August 2018 (11,824).”


 “Metro Vancouver’s housing market has changed pace compared to the last few years. Our townhome and apartment markets are sitting in balanced market territory and our detached home market remains in a clear buyers’ market,” Smith said. “It’s important for both home buyers and sellers to work with their Realtor to understand what these trends means to them.”


 “Sales of detached properties in September 2018 reached 508, a 40.4 per cent decrease from the 852 detached sales recorded in September 2017. The benchmark price for detached properties is $1,540,900. This represents a 4.5 per cent decrease from September 2017 and a 3.4 per cent decrease over the last three months."


"Sales of apartment properties reached 812 in September 2018, a 44 per cent decrease compared to the 1,451 sales in September 2017. The benchmark price of an apartment property is $687,300. This represents a 7.4 per cent increase from September 2017 and a 3.1 per cent decrease over the last three months."


"Attached property sales in September 2018 totalled 275, a 46.9 per cent decrease compared to the 518 sales in September 2017. The benchmark price of an attached unit is $837,600. This represents a 6.4 per cent increase from September 2017 and a two per cent decrease over the last three months.”


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If you have any questions feel free to contact me.

778.988.7487

Barbara.hutniak@remax.net

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