Sales and inventory are down in all categories; however, this is very typical this time of year as people’s focus changes from the real estate market to the holidays.
“Home buyers have been taking a wait-and-see approach for most of 2018. This has allowed the number of homes available for sale in the region to return to more typical historical levels.” Phil Moore, REBGV president said. “This activity is helping home prices edge down, across all property types, from the record highs we’ve experienced over the last year.”
For all property types, the sales-to-active listings ratio for November 2018 is 13.1%. By property type, the ratio is:
– 8.9% for detached homes
– 14.7% for townhomes
– 17.6% for condominiums
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12% mark for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.
As in the past couple months, the current market continues to provide EXCELLENT OPPORTUNITIES for move-up buyers to upgrade from a condo/townhouse to a detached home. It is also a good opportunity to move to the Westside as the benchmark price for a detached home there has been steadily declining since mid 2017.
It is also a good opportunity to talk with a mortgage broker about securing a lower mortgage rate as all reports have indicated that mortgage rates may increase in 2019.
Should you have any questions about the value of your home in today’s current market, don’t hesitate to give us a call. We can provide a FREE home evaluation and can plan your next steps together. To contact Team Kerr click HERE.
If you’re interested in seeing the full market reports and stats, sign up for our Newsletter to receive more in-depth analysis and stats. Our market reports provide a detailed breakdown by community and price point for each City in Metro Vancouver.
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*REBGV Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta. Visit rebgv.org for all of the detailed comparisons.
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