By November 9, 2018—
After a pretty gloomy September, at least as far as real estate was concerned, October showed signs of improvement as far as we could tell from the stats from the Real Estate Board of Vancouver. But don’t worry, it was nothing we were concerned about. The beginning of the fall season is often a cool time for real estate. It’s probably reassuring for everyone though that the market is starting to return to normal.
Is it a Buyer’s market?
Both the detached and attached markets are showing signs of being a buyer’s market. New homes on the market outpace the number of sales, and the average sales price continues to decrease. For all you buyers out there, this basically means that the picking is yours. Take advantage of it. From a buyer’s perspective, this is great!
However, you should keep in mind that the number of sold homes doubled from the previous month. This type of action in real estate usually means that the competition for sellers is fierce, but don’t worry as there are still plenty of buyers looking.
We expect that the market will continue to be relatively cool as we enter into 2019. Even still, out of the 7 homes sold, 2 were above asking price.
In terms of detached homes, i.e. condos, duplexes, and townhouses, we continue to see similar trends in the number of new listings and sales as the previous month. Even the average days on the market for this month is virtually the same as September.
What we have noted that’s changed is the sale prices. They continue to decrease with more supply than demand. We expect that the amount of total active listings will continue to climb, giving buyers even more to choose from and less pressure to make a quick decision. As a buyer, you’ll be able to take a bit of time to really find what you’re looking for.
This as well is a trend that we predict will probably continue into the end of the year and into the beginning of 2019. Out of 34 homes sold, 6 were at asking price or above.