VANCOUVER WEST SEPTEMBER HOUSE MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release reports elevated Seller activity last month. Meanwhile, despite the growing inventory, Buyers are taking time to reflect in light of higher interest rates which curtail their purchasing power. As a result Real Estate sales show a dip to 35.7 percent below the 10 year average for September. This has brought about a softening in home values. New listings last month are 18.2 percent lower than September a year ago while total inventory of listed properties get an 8 percent lift year to year. Sales of all residential properties in Metro Vancouver decrease 46.4 percent last month versus September 2021. The composite value of all properties is 3.9 percent higher September to September.
The graph shows a positive upturn from August to September of 5.8 percent in the average price for detached properties. The benchmark price for houses in September 2022 is 2.7 percent higher than last September. Year to year the volume of detached home sales is down by 44.7 percent.
This September versus September 2021, east side house prices are 7.6 percent higher. Year over year Vancouver east detached sales drop 52.2 percent. From September to September east side inventory is down 29.7 percent.
From August to September east side house sales increase by 15.7 percent. Month to month east side inventory is 17.1 percent higher.