Connie McGinley

Cell: 604-916-9656 |

Sales and Listings Report for September 2018

Attached are the Sales and Listings Stats updated to the end of September 2018. Buyer’s Market! Two words we haven’t seen throughout the market in Metro Vancouver since 2012 and 2013. While the detached housing market was seeing Buyer’s Market conditions over the last months, townhouses and apartments are slipping into those conditions now too.


There were 1,634 homes sold of all types in Greater Vancouver in September this year compared with 2,881 sales in September last year and 2,554 homes sold in September 2016. This was 36 per cent below the 10 year average for September and the lowest amount of sales in September since 2012 at 1,536. It’s a very stuck market right now with both sellers and buyers waiting to see who is going to blink first. And with active listings well below the last two buyer’s markets, so far there has been little blinking.  There were 509 Detached Houses sold in September 2018 down from 865 (down 41 per cent) in September 2017 in Greater Vancouver, and down from 672 in September 2016. For townhouses there were 275 sales in September 2018 compared to 518 in September 2017 (down 47 per cent), down from 370 September 2016 and for condos there were 812 sales in September 2018, a decrease in sales from 1,451 in September 2017 (down 46 per cent) and compared to 1,219 in September 2016. The attached market has slowed considerably over the summer and into September.


As for supply in the market, there was a decrease in the amount of new listings in September compared to September of last year. There were 5,365 new listings in September in Greater Vancouver, down 2 per cent from September last year but up from 4,947 or 8 per cent from September 2016. The amount of new listings in September 2018 were just above the 10 year average for September. Active Listings are at 13,760 for month end (up 36 per cent compared to September). In looking back at the last two Buyer’s Markets in Greater Vancouver, in September 2013 there were 17,157 active listings, in 2012 there were 19,278 active listings and in 2008 there were 20,590 active listings. So there are far fewer listings in today’s market, with likely 10 to 15 per cent of those listings properties being sold as single detached homes that are part of land assemblies. And with the stock of single detached homes dwindling across the region, price corrections may be somewhat limited. At some point, activity will return and buyers take advantage of the new prices, confidence returns and the dynamics of financing allow for those on the sidelines to come in and enjoy more inventory of all types of homes. By the end of the year there will be more active listings, but not at the levels of previous buyer’s markets.


“Fewer home sales are allowing listings to accumulate and prices to ease across the Metro Vancouver housing market,” Ashley Smith, Real Estate Board of Greater Vancouver president-elect said. “There’s more selection for home buyers to choose from today. Since spring, home listing totals have risen to levels we haven’t seen in our market in four years.”



East of the Fraser River, the Fraser Valley Real Estate Board processed 1,035 sales of all property types on its Multiple Listing Service® in September, a decrease of 36.1 per cent compared to 1,619 sales in September of last year, and a 10.4 per cent decrease compared to sales in August 2018. Of the 1,035 sales processed last month 250 were townhouses and 274 were apartments and 376 were detached homes. This was the lowest amount of sales for each category in 2018. Active inventory for the Fraser Valley finished at 7,647, increasing 4.2 per cent month-over-month and 30.6 per cent when compared to September 2017. “Buyer remain reluctant as the market continues to adjust,” said John Barbisan, Board President. “We’re seeing good things happening in terms of inventory, but it only opens the door so much while prices are moving at a much slower rate.”


Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in September 2018 was 1,634 – down from 1,961 (17%) in August 2018, down from 2,881 (43%) in September 2017, down from 2,304 (29%) in September 2016; Active Listings are at 13,760 compared to 10,122 (up 36%) at this time last year; New Listings in September 2018 were down 2% compared to September 2017 and up 8% compared to September 2016; Month’s Supply of Total Residential Listings is up to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 30% compared to 53% in September 2017.


Vancouver Westside Residential: Total Units Sold in September 2018 was 280 – down from 371 (25%) in August 2018, down from 540 (48%) in September 2017, down from 426 (36%) in September 2016; Active Listings are at 2,433 compared to 1,744 (up 40%) at this time last year; New Listings in September 2018 were down 2% compared to September 2017 and up 8% compared to September 2016; Month’s Supply of Total Residential Listings is up to 9 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 27% compared to 51% in September 2017.


Vancouver Eastside Residential: Total Units Sold in September 2018 was 195 – up from 191 (2%) in August 2018, down from 268 (27%) in September 2017, down from 200 (2%) in September 2016; Active Listings are at 1,494 compared to 1,107 (up 37%) at this time last year; New Listings in September 2018 were down 8% compared to September 2017 and up 10% compared to September 2016; Month’s Supply of Total Residential Listings is up to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 32% compared to 47% in September 2017.


North Vancouver Residential Total Units Sold in September 2018 was 120 – down from 131 (8%) in August 2018, down from 210 (43%) in September 2017, down from 182 (34%) in September 2016; Active Listings are at 933 compared to 600 (up 56%) at this time last year; New Listings in September 2018 were up 15% compared to September 2017 and up 22% compared to September 2016; Month’s Supply of Total Residential Listings is up to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 22% compared to 45% in September 2017.


West Vancouver Houses: Total Units Sold in September 2018 was 34 – down from 46 (26%) in August 2018, down from 56 (39%) in September 2017, down from 39 (13%) in September 2016; Active Listings are at 764 compared to 636 (up 20%) at this time last year; New Listings in September 2018 were down 15% compared to September 2017 and up 15% compared to September 2016; Month’s Supply of Total Residential Listings is up to 22 Month’s Supply (Extreme Buyer’s Market) and a Sales to Listings Ratio of 14% compared to 20% in September 2017.


Richmond Residential: Total Units Sold in September 2018 was 196 – down from 266 (26%) in August 2018, down from 379 (48%) in September 2017, down from 269 (27%) in September 2016; Active Listings are at 1,915 compared to 1,482 (up 29%) at this time last year; New Listings in September 2018 were down 8% compared to September 2017 and up 17% compared to September 2016; Month’s Supply of Total Residential Listings is up to 10 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 30% compared to 53% in September 2017.


Burnaby East: Total Units Sold in September 2018 was 11 – down from 21 (48%) in August 2018, down from 30 (63%) in September 2017, down from 20 (45%) in September 2016; Active Listings are at 140 compared to 124 (up 13%) at this time last year; New Listings in September 2018 were down 15% compared to September 2017 and down 2% compared to September 2016; Month’s Supply of Total Residential Listings is up to 13 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 21% compared to 46% in September 2017.


Burnaby North: Total Units Sold in September 2018 was 83 – up from 82 (1%) in August 2018, down from 129 (36%) in September 2017, down from 116 (28%) in September 2016; Active Listings are at 533 compared to 426 (up 25%) at this time last year; New Listings in September 2018 were down 8% compared to September 2017 and up 14% compared to September 2016; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 34% compared to 48% in September 2017.


Burnaby South: Total Units Sold in September 2018 was 82 – down from 94 (13%) in August 2018, down from 164 (50%) in September 2017, down from 120 (32%) in September 2016; Active Listings are at 656 compared to 520 (up 26%) at this time last year; New Listings in September 2018 were down 21% compared to September 2017 and up 3% compared to September 2016; Month’s Supply of Total Residential Listings is up to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 34% compared to 53% in September 2017.


New Westminster: Total Units Sold in September 2018 was 81 – down from 90 (10%) in August 2018, down from 155 (48%) in September 2017, down from 115 (30%) in September 2016; Active Listings are at 460 compared to 289 (up 59%) at this time last year; New Listings in September 2018 were down 6% compared to September 2017 and up 40% compared to September 2016; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 33% compared to 60% in September 2017.


Coquitlam: Total Units Sold in September 2018 was 131 – down from 183 (28%) in August 2018, down from 230 (43%) in September 2017, down from 165 (21%) in September 2016; Active Listings are at 1,056 compared to 698 (up 51%) at this time last year; New Listings in September 2018 were up 3% compared to September 2017 and up 24% compared to September 2016; Month’s Supply of Total Residential Listings is up to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 29% compared to 52% in September 2017.


Port Moody: Total Units Sold in September 2018 was 34 – up from 29 (17%) in August 2018, down from 55 (38%) in September 2017, down from 59 (42%) in September 2016; Active Listings are at 245 compared to 170 (up 44%) at this time last year; New Listings in September 2018 were down 3% compared to September 2017 and up 3% compared to September 2016; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 29% compared to 46% in September 2017.


Port Coquitlam: Total Units Sold in September 2018 was 73 – down from 72 (1%) in August 2018, down from 124 (41%) in September 2017, down from 99 (26%) in September 2016; Active Listings are at 345 compared to 201 (up 72%) at this time last year; New Listings in September 2018 were up 3% compared to September 2017 and down 15% compared to September 2016; Month’s Supply of Total Residential Listings is up to 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 45% compared to 78% in September 2017.


Ladner: Total Units Sold in September 2018 was 30 – down from 23 (30%) in August 2018, flat at 23 in September 2017, down from 31 (3%) in September 2016; Active Listings are at 177 compared to 123 (up 44%) at this time last year; New Listings in September 2018 were down 32% compared to September 2017 and up 49% compared to September 2016; Month’s Supply of Total Residential Listings is up to 6 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 38% compared to 38% in September 2017.


Tsawwassen: Total Units Sold in September 2018 was 25 – down from 25 in August 2018, down from 33 (24%) in September 2017, up from 18 (39%) in September 2016; Active Listings are at 242 compared to 196 (up 23%) at this time last year; New Listings in September 2018 were down 5% compared to September 2017 and up 21% compared to September 2016; Month’s Supply of Total Residential Listings is up to 10 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 30% compared to 38% in September 2017.



Kevin Skipworth

Dexter Associates Realty

Partner/Broker



 
 
 
 
 
 
 
 
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