Vancouver Housing Market Update for end of July 2018

 

The Downtown Vancouver Attached housing market saw very similar conditions to those experienced last month. While the market remains in what would be considered Balanced Market territory July marked the 3rd consecutive month of reduced sales activity. The 153 sales within Vancouvers Downtown during July is 40% lower than the 256 in the same month last year. The buying public is simply not willing or able to move on purchases as they were in months and years past.

 

Expect to see much of the same in August as prospective buyers take more time to transact with the greater wider variety of homes available. There should certainly be some deals to be had out there as motivating factors differ from seller to seller with those needing a sale more likely to meet the buyers demands.

 

The West End was the best market for Sellers with a 33% Sales-to-Active ratio in Sellers market territory while Yaletown was the most advantageous marketplace in Downtown Vancouver for the Buyer with a Sales-to-Active ratio in balanced territory at 15%.

 

Quick Stats on the Downtown Vancouver Condo and Townhouse Market

- Highest Sale Price achieved was $4.5 million

- Highest Sale by Price-per-Foot was $2,039.97

- Average per-foot price was $1,062

- 153 total sales

- Median Sales Price down 7% from June '18

- 12 fewer sales in July than June '18

- 40% fewer sales in July '18 as compared to July '17

- Inventory remained steady at 687 active listing

The Westside Vancouver Detached and Single-Family Market

 

Median Sale Price across the Westside of Vancouver dropped for the second consecutive month and for the 5th month of 7 this year. This is a consistent trend as the vast majority of sales activity throughout the Westside of Vancouver is occurring in price ranges below $4.5 million. In fact, more than 84% of the 460 sales on the Westside through July 2018 have been entered into at $4.5 million or less. 

 

Another consistent trend within the Westside Detached Market is the increasing amount of time it is taking to sell higher priced homes. With the mass majority of the buying public searching in the price ranges below $4.5 million it's interesting to note the difference in Days on Market as home values escalate:

 

- Properties valued $3 million and under to on average 37 days to sell

- Properties valued between $3 and $3.5 million took on average 36 days to sell

- Properties valued between $3.5 and $4 million took on average 41 days to sell

- Properties valued between $4 and $4.5 million took on average 51 days to sell

- Properties valued between $4.5 and $5 million took on average 98 days to sell

 

While it is entirely understandable that it takes longer to sell much more expensive product this appears to be evidence of buyers reluctance to go beyond the $4.5 million mark.

 

Quick stats of note for Westside Vancouver Detached Housing:

- Highest Sale Price in July 2018 was $5 million (2 sales; Arbutus and Dunbar)

- 19 fewer listings available vs June as inventory dropped to 761 active listings

- 28% fewer homes sold in July as compared to June with 57 total sales

- 21% fewer sales as compared to July 2017 when 72 homes sold in the month

- 8% increase in inventory as compared to July 2017

- Median Sale Price on the Westside of Vancouver decreased by 25% as compared to July 2017

- At this time last year it took on average 18 days less time on market to achieve a sale.

 

Vancouver East Detached and Single-Family Housing Market

 

In very similar fashion to last months sales numbers the Vancouver East Detached market saw just two-thirds the number of total sales as the month previous. In June '18 the month-over-month total sales were down 30%. While it's not alarming to see just the 67 total sales based upon the trends we've been witnessing in the market. It is quite an eye opening drop when viewed against sales numbers over the past decade. Over the last ten-years it is most common to see total sales in the month of July between 110 and 150 on the Eastside of Vancouver.

 

Renfrew Heights remains a steady performing area with the same 47 listing inventory and 10 sales as last month. Those ten-sales were the most of any East Vancouver sub-area this past month.

 

Buyers market conditions were seen in the following neighbourhoods:

- Collingwood with 109 available listings and 3 sales

- Grandview with 64 listings and 1 sale

- Renfrew with 120 listings and 7 sales

- South Vancouver with 90 listings and 5 sales

- Victoria with 51 listings and just 1 sale

 

Quick stats of note for Eastside Vancouver Detached Housing:

- 67 total sales in July

- 50% less sales than 10-year average for July

- Median Sales Price of $1,528,000 increased 2% from previous month

- Median Sales Price is 3.2% lower than July '17

- Inventory moved lower to 786 total listings

 

For more info and/or for details on how the current market environment effects your purchasing or selling goals contact me anytime.