Vancouver Real Estate Slides in September

September on the West Side

Listings

Unprecedented are the number of Active Listings FOR SALE.

August showed a slowing with a hoped for listing decrease. This reduction was eliminated and bypassed in September.

According to our BCAlink resource:

• YOY units listed in September grew by 27% from 247 to 314.
• Units Sold have dropped from 112 to 46, a 58% drop.
• Active Listings have doubled from 504 to 1053.

Dollar Volume

Reflected by the drastic drop in sales witnessed in the first graph, is the dramatic decline of total dollar volume. Dollar volume presents a different perspective however, when viewed together they confirm that home sales in the Vancouver real estate market continue the downward path.

Average and Median Prices

Of note is that prices have not yet followed the above two graphs. West Side properties which are not selling at a pace anywhere near previous years have yet to adapt to the reality of the market place.

A number of pundits including Jurrock are claiming that market prices will inevitably drop by a minimum of 10% and as high as 30%.

The West Side community has yet to achieve these levels. Until such time as that happens, Vancouver Real Estate will persist in having very low sales volumes.

Viewpoint

The financial crisis fallout and associated fumbling will undoubtedly influence Vancouver real estate’s outcome. Without question the current down direction will continue. Anticipate that Vancouver may escape some of the panic, but our city will not escape dreaded flow-thru from global implications. Prepare for a number of months and possibly years, before a rebound.

Now may be the very best time to sell if you clearly understand that price reductions will become the hallmark of the Vancouver Real Estate market, at least for a while. For Buyers with a long view, opportunity exists.

Got a Vancouver Real Estate question? Always happy to answer it.

Call or send me an email

Twitter or Skype me at YatterMatters.

Larry

*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed. **Numbers provided may vary as they are dynamically posted by the REBGV.