VANCOUVER WEST SEPTEMBER APARTMENT 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 condominium sale price from August to September tumbling 4.8 percent. Year to year the overall benchmark price for apartments is up 7.4 percent. The volume of condo sales falls this September compared to September 2017 by 44 percent.
Last month versus September 2017 the benchmark price for west side apartments is 1.0 percent higher. September to September Vancouver west condo sales plummet 48.3 percent. Year to year west side apartment inventory sees a 10.1 percent bump up.
Vancouver west apartment sales decline by 24.4 percent from August to September. Month to month west side condo inventory burgeons 50.2 percent.