December 2018 Vancouver Real Estate Market Update
Metro Vancouver home sales in 2018 were the lowest annual total in the region since 2000.
Sales of all properties in the Greater Vancouver Area reached 24,619 in 2018, a 31.6% decrease from the 35,993 sales recorded in 2017, and a 38.4% decrease compared to the 39,943 residential sales in 2016.
2018's sales total were -25% below the region’s 10-year sales average.
December saw a 46.8% decrease in sales volume compared to December 2017.
What's more, December 2018 sales were 43.3% below the 10 Year Average.
December also saw a 33.3% decrease in sales volume over the previous month, November.
Focusing in on the Vancouver West area (from Downtown to Marpole, and everything West of Ontario St.) we see the Detached market Average Price down 11.8% from December 2017, Townhomes down 0.5% and Condo's were down 2.9%
Breaking It Down By Housing Type
Sales of detached properties in December 2018 reached 34, a -8.1% decrease from December 2017. The benchmark price for detached properties is $3,135,400. This represents an -11.8% decrease from December 2017.
Sales of Townhomes in December 2018 reached 16, a 27.3% decrease from December 2017. The benchmark price for Townhome is $1,236,500. This represents an 0.5% decrease from December 2017.
Sales of Condos in December 2018 reached 139, a 44.6% decrease from December 2017. The benchmark price for condo properties is $783,700. This represents a 2.9% decease from December 2017.
As a buyer, you have more supply to choose from than you've had in over 5 years. The higher the price point you are looking at, the more likely it is you can negotiate on price and favourable terms. Low Ball offers are becoming increasingly common, and some are being accepted.
As a seller, make sure you are working with a professional Realtor who knows how to market your home extensively to maximize its exposure. Price is the most important factor and if you need to sell, make sure to price ahead of the downward curve. Smartly priced properties properties are still selling in the first week.
As an Investor, you know we are in the early stages of the Slump Phase and are targeting the properties and investment strategies that thrive in this environment.