January 2019 Market Update
Vancouver Real Estate
Home listings increase while buyers remain in holding pattern
Home listings continue to increase across all housing categories in the Metro Vancouver housing market while home buyer activity remains below historical averages.
Sales in Greater Vancouver totalled 1,103 in January 2019, a 39.3% decrease from the 1,818 sales recorded in January 2018, and a 2.9% increase from the 1,072 homes sold in December 2018.
Last month’s sales were 36.3% below the 10-year January sales average and were the lowest January-sales total since 2009.
“REALTORS® are seeing more traffic at open houses compared to recent months, however, buyers are choosing to remain in a holding pattern for the time being,” Phil Moore, REBGV president said.
The total number of homes currently listed for sale on the MLS® in Metro Vancouver is 10,808, a 55.6% increase compared to January 2018 (6,947) and a 5.2% increase compared to December 2018 (10,275).
For all property types, the sales-to-active listings ratio for January 2019 is 10.2%.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,019,600. This represents an 4.5% decrease over January 2018, and a 7.2% decrease over the past 6 months.
IN SUMMARY
BUYERS: 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.
SELLERS: Make sure you are working with a professional 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.
INVESTORS: You know we are in the late stages of the Slump Phase and are targeting the properties and investment strategies that thrive in this environment.
Metro Vancouver: Breaking It Down By Housing Type
DETACHED HOMES
Sales of Detached properties in January 2019 reached 345, a 28.7% decrease from January 2018. The benchmark price for detached properties is $1,453,400. This represents an 9.1% decrease from January 2018.
TOWNHOMES
Sales of Townhomes in January 2019 reached 179, a 36.7% decrease from January 2018. The benchmark price for Townhomes is $800,600. This represents a 0.5% decrease from January 2018.
CONDOS
Sales of Condos in January 2019 reached 559, a 45% decrease from January 2018. The benchmark price for condo properties is $658,600. This represents a 1.7% decrease from January 2018.
