Vancouver Area Real Estate Market Update for September 2019

Hi, this is Nick Chen with REMAX and your Vancouver real estate market update for September 2019. Stagnation and fluctuation. These seemingly contradictory words describe the current state of the real estate market in Metro Vancouver. More specifically, they describe the sales volume and average sales prices for the overall market. It’s true that in most areas the sales numbers are higher now than one year ago. We cannot ignore the fact that these same areas also have a higher number of homes listed whilst the average sales price hasn’t improved. Overall it is lower by a spread of 2% to 10%, depending on the area and type of housing. Differences in average sales prices vary depending on the city. Relatively high sales volumes and decreasing average sales prices shows that the current market is still to the buyers’ advantage. Another point to take into consideration, many presale projects are finishing and the new owners are taking possession. As you can imagine, quite a few of them are investors and putting their investments for sale on the market. As these sell, they will impact the stats. Last year the market experienced a bump in activity in October, likely as a result of buyers taking advantage of the late summer slump. We may see the same thing this year, with more buyers ready to get off the sidelines and write offers. Sellers will be split into two camps, those that are ready to sell at current market value and those that want to wait. Either by continuing listing or taking a break until spring of next year. Whether you are a buyer or a seller, it is important to fully realize the market trend of the neighbourhood of your focus. Consider revisiting your strategy and taking a different approach. Real estate is fluid and to be successful, you should be flexible too. For more information and in-depth analysis in your neighbourhood, contact me at [email protected] today.

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