December 6, 2018
The numbers aren't pretty for Sellers as compared with the past two years, with 24 months of inventory in West Vancouver and East and West Vancouver houses sitting at 13 months inventory. Listingss haven't been increasing drastically however, it is sales that have slowed and with it prices have seen a modest drop which is averaging around 5% overall. Single family West Side homes have seen the greatest price adjustments, down up to 20% from the highs of 2017 in some cases. The bulk of the market where most activity takes place--that is condos and townhomes-- has seen a balancing since June and the result is a return to more normal conditions. Buyers can shop around and write offers with proper due diligence contingencies like home inspection. This is a perfect market for financially qualified first time buyers and move up buyers who can likely get an accepted subject to sale offer accepted.
Below are the statistics for November sales averages. They do not tell the whole story though. For example the West Side condo market under $600,000. actually has only 4 months of supply: 136 active listings and 31 sales in November and half of these listings are priced between $550K and $600K. At the entry level of the market there is still competition but far less than we have seen since 2012. With interest rates likely to rise again in March, saavy buyers will see December and January as an opportunity to buy without competition and below the 10 historical average for activity. Waiting for a bottom is a tricky game. We can't see it until it has passed and the market is on the way up.
sales and listings statistics houses townhouses and apartments for november 2018