VANCOUVER WEST JANUARY HOUSE MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release echoes bad news for Sellers in Metro Vancouver. Buyers are shopping but pressure on mortgage availability has kept them on the sideline causing a burgeoning inventory and receding sales. This has contributed to the continued decline in value which has persisted for 7 months now. Last month total Metro Vancouver residential sales fall 39.3 percent compared to January 2018. Year to year new listings are 27.7 percent higher while the total inventory of listed properties is up by 55.6 percent in that same time period. The composite value of all Metro Vancouver properties decreases 4.5 percent January 2019 versus January 2018.
The graph shows a decline for the average price in Metro Vancouver detached properties of 1.4 percent from December 2018 to January 2019. The benchmark price for detached homes last month compared to January 2018 is down 9.1 percent. The volume of house sales drops 30.4 percent year to year.
Last month in contrast with January 2018 Vancouver west detached prices are 14.1 percent lower. January to January west side house sales are down 26 percent. Year to year inventory declines 12.3 percent.
December to January sales of west side houses rebound with a 3 percent increase. Month to month detached inventory is a colossal 231 percent higher.