Home sales in Metro Vancouver continued to run well below their long-term historical averages in October.
The Real Estate Board of Greater Vancouver reported sales of 1,966 homes, down 34.9% year-over-year but up 23.3% compared to September 2017’s 1,595. October’s sales were 26.8% below the 10-year average.
New listings reached a 4-year-high in October with a total 4,873 detached, apartment, and attached homes listed for sale on the MLS, a rise of 7.4% year-over-year and 7.7% month-over-month.
Total inventory increased 42.1% year-over-year to 12,984, a 0.8% decrease compared to September.
“The supply of homes for sale today is beginning to return to levels that we haven’t seen in our market in about four years,” Phil Moore, REBGV president said. “For home buyers, this means you have more selection to choose from. For sellers, it means your home may face more competition, from other listings, in the marketplace.”
For all property types, the sales-to-active listings ratio for October 2018 is 15.1%. By property type, the ratio is 10.3% for detached homes, 17.3% for townhomes, and 20.6% for condominiums.
Prices have slipped over the last 3 months
The MLS HPI benchmark price for all home types was up 1% year-over-year in October to $1,062,100, That’s a decrease of 3.3% since June.
“Home prices have edged down between three and five per cent, depending on housing type, in our region since June,” said Moore. “This is providing a little relief for those looking to buy compared to the all-time highs we’ve experienced over the last year.”
Sales, prices, inventory by property type
Sales of detached homes in October 2018 reached 637, a 32.2% decrease from the 940 detached sales recorded in October 2017. The benchmark price for detached properties is $1,524,000, a 5.1% decrease from October 2017 and a 3.9% decrease over the last three months.
Sales of apartments reached 985 in October 2018, a 35.7% decrease compared to the 1,532 sales in October 2017. The benchmark price of an apartment property is $683,500, a 5.8% increase from October 2017 and a 3.1% decrease over the last three months.
Attached homes sales in October 2018 totalled 344, a 37.5% decrease compared to the 550 sales in October 2017. The benchmark price of an attached home is $829,200, a 4.4% increase from October 2017 and a 2.8% decrease over the last three months.