It seems as though the lazy August months have crept into the real estate market too, as seen in the latest data from the Real Estate Board of Greater Vancouver. With a few exceptions, the data shows a slight dip in both prices and sales volumes. Let’s take a closer look:
In greater Vancouver, the market saw 579 detached home listings in August 2018, compared to 621 in July 2018. In terms of year-over-year numbers, there is a much less dramatic change for August’s year-over-year numbers (a 9.7 per cent increase, compared to July’s 18.7 per cent year-over-year increase.)
Sales volumes are down by 10 per cent from August 2017, still less than July’s year over year numbers, which saw a decrease in sales volumes of of 22.0 per cent.
In August 2018, the benchmark price for detached homes was listed at $2,832,600, down 11.2 per cent from the benchmark price of August 2017 and down from $2,915,200 in July 2018.
Condos in Greater Vancouver saw 91 listings in August 2018, compared to 104 in July 2018. August’s year-over-year numbers saw a significant increase of 65.5 per cent, but were still down from July’s year over year increase of 76.3 per cent.
In a more dramatic change, sales volumes for condos were down 26.3 per cent from August 2017, compared to numbers from July’s year over year statistics, which saw a sales volume increase of 63.6 per cent.
The benchmark price for condos in August 2018 came in at $1,190,200, down from $1,234,700 in July.
Townhomes saw a similar pattern, with more consistently increasing figures out of all the housing types, as well as some minor decreases. Though listings in August 2018 were down to 30 from 31 in July 2018, they were up 114.3 per cent from August 2017, compared to 93.8 per cent from July 2017 to July 2018.
Sales volume for August 2018 was listed at 2, compared to 4 from July 2018. The MLS Benchmark price wasn’t recorded for townhomes in August 2018.
In terms of the bigger picture, detached homes see a sales-to-listings ratio of 4.7 per cent, a figure that has been fairly stable throughout 2018, indicating a buyer’s market.
Condos are seeing a ratio of 15.4 per cent, indicating more of a balanced market. Townhomes, whose ratios have fluctuated over the years, see a ratio of 6.7 per cent, which is somewhere between a buyer’s and a balanced market.
Though August’s number show mostly a small decrease in sales and listings, September and October will bring a number of political and planning changes to the region, which may shift the statistics slightly. Stay tuned for coverage of September’s figures.