Market Update – September 2019
September 2019 statistics have been released. As predicted, prices and activity are starting to balance out, and some parts of Greater Vancouver are actually starting to pick up in price. Numerous properties are going into multiple offers over the last 2-3 weeks. Please take the time to read through this email as I have included some additional info that isn’t available to the public, which may affect your market greatly in the near future.
According to the Real Estate Board:
VANCOUVER, BC – October 2, 2019 – Home buyer demand has returned to more historically typical levels in Metro Vancouver* over the last three months.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,333 in September 2019, a 46.3 per cent increase from the 1,595 sales recorded in September 2018, and a 4.6 per cent increase from the 2,231 homes sold in August 2019.
Last month’s sales were 1.7 per cent below the 10-year September sales average. “We’re seeing more balanced housing market conditions over the last three months compared to what we saw at this time last year,” Ashley Smith, REBGV president said. “Home buyers are more willing to make offers today, particularly in the townhome and apartment markets.”
There were 4,866 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2019. This represents a 7.8 per cent decrease compared to the 5,279 homes listed in September 2018 and a 29.9 per cent increase compared to August 2019 when 3,747 homes were listed.
Alex’s Inner Circle Intel
Last month, we have been seeing a stabilization in home prices due to supply and demand. As you can see, demand is now back to a balanced level, leveling off the drop from the last year and a half. The higher price range areas / properties are still seeing a drop, whereas the lower priced areas / properties are seeing several multiple offer situations driving the price up, averaging to the balanced pricing. With the Federal Election coming up, BC Housing has numerous areas for the electorates to focus on. Their message is to make the market “more affordable for everyone”. Reading between the lines, and understanding the basics of economy, to make the market more affordable for everyone means more demand. Demand drives up pricing. And we are seeing that right now. If you have been on the fence on purchasing a property, don’t wait and miss the boat again! There are tons of opportunities in the market right now depending on what you wish to do. Give me a call and we can discuss how to maximize your investments!
Just as before, I’m here to provide some detailed relevant information segmenting different markets, to make it more applicable to your situation.
At the bottom of this email, you will find a copy of the Snap Stats, which is something we utilize to benefit our knowledge to our clients. Please do feel free to call Alex at 604-374-5534 to discuss further.
In the Snap Stats attached below, you will find the activity of the different price ranges per area. As a rule of thumb, sales ratio under 12% represents a downward pressure (Buyers’ market). Sales ratio between 12% to 20% represents a balanced market. Sales ratio above 20% represents an upward pressure (Sellers’ market).
If you are looking to make a move of any sort, this is a key opportunity to do so. Call or Email Alex to arrange a quick 30-minute chat to see whether it’s right for you right now. Everyone’s priorities and timing are different, and you need to equip yourself with the best and most relevant information for you and your family.
WHAT DOES THIS MEAN TO YOU?
Sellers – Buyers are there now. Your pricing and marketing need to remain SHARP. Barring any unorthodox challenges such as an excess supply in your area, problems within your home, things WILL SELL in this market. Make sure you fully understand the relevant market prior to proceeding. If you are looking to sell, please call Alex at 604-374-5534. You want the best on your side!
Buyers – Prices are stabilizing. Multiple offers are coming out again. “Lowballing” is not the strategy anymore. Opportunities are there, and you need to make sure you are going in with a realistic mindset by being equipped with a Comparative Market Analysis to know how a listing is priced. To get a great home, you’ll need great strategy. Most importantly, you’ll need to ACT QUICK! I’d be privileged to assist if you are in need of expertise and representation.
Details matter in this market. You have to go in with your eyes wide open. If you need any guidance or assistance, please do reach out and call Alex at 604-374-5534, or simply reply to this email. I look forward to helping you and/or your family and friends with all your Real Estate needs.
We love our clients, and want to always show our appreciation for your kind reviews. As we grow our business primarily on referrals, we want you to be a part of the growth. For any past / current clients of Yao Real Estate Group, if you refer a client to us for a purchase or sale of a property, you would receive a 10% commission referral fee for a purchase, and / or a 20% commission referral fee for a sale of their property. Just do a mutual introduction, and we will take over. Rest assured that we will take care of your referrals with the utmost personalized attention. Once a transaction is complete, you will receive a cheque of the referral fee in the mail. It’s that easy. This is our way of saying “thank you” to all our clients for helping us grow, together.
For more details on the Referral Program, please visit https://yaorealestate.com/client-referral-program