VANCOUVER WEST JANUARY TOWNHOME 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 illustrates a real drop of 7.4 percent for the average attached unit price in Metro Vancouver from December 2018 to January 2019. Last month compared to the previous January the benchmark townhouse price dips 0.5 percent. Year to year the volume of townhome sales is down 35.7 percent.
Last month versus January 2018 Vancouver west townhouse prices are 2.5 percent lower. January to January attached unit sales drop 16.6 percent. Year to year inventory is 41.9 percent higher.
From December to January west side attached sales are up a welcome 11.1 percent. Month to month Vancouver west attached inventory skyrockets, up 721.4 percent.