VANCOUVER EAST SEPTEMBER HOUSE MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release laments that the summer Real Estate doldrums are spilling over into fall. The supply of housing has reached a level not seen since 2014 as low Buyer demand has precipitated a backlog of inventory. Detached houses clearly no longer enjoy their long standing Sellers market while the apartment and townhouse markets are now in balance. Last month total residential sales are down 43.5 percent compared to September 2017. September to September new listings decrease 1.8 percent while the total inventory of listed properties is up 38.2 percent year to year. Last month the composite value of all Metro Vancouver properties increases 2.2 percent over the previous September.
The graph shows the average price of Metro Vancouver detached properties ticking up slightly by 0.4 percent from August to September. The benchmark price for houses last month compared to September 2017 is 4.5 percent lower. The volume of house sales is down year to year by 40.4 percent
East side house prices year over year are down 4 percent. This September over September 2017 Vancouver east detached sales fall 24.2 percent. September to September inventory is 19.8 percent less.
August compared to September east side house sales turn around, up 24.1 percent. Month to month east side inventory increases 29.7 percent.