Overall sales activity continued to be driven by demand for condos and townhomes in September, while activity in the detached segment remained stable.
Last month, a total of 2,821 residential properties changed hands in the region, a 25.2 per cent increase from a year ago but down 7.3 per cent compared to August 2017, according to the Real Estate Board of Greater Vancouver’s (REBGV) latest data, published on Monday.
“Our detached homes market is balanced today, while apartment and townhome sales remain in sellers’ market territory,” says Jill Oudil, REBGV president, in a statement.
Despite a monthly drop in sales, activity in the condo and townhome segments helped push total sales 13 per cent above the 10-year average for the month.
Meantime, the benchmark price for all residential properties in Greater Vancouver was $1,037,300 in September — roughly an 11 per cent gain over September 2016 and a 0.7 per cent uptick compared to the previous month.
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Here are 10 more key facts you should know about REBGV’s latest market data release for September:
1. There were 9,466 homes (including detached, attached and condo) listed for sale in the region — a 1.2 per cent increase compared to September 2016 and a 7.5 per cent gain compared to August 2017.
2. A total of 5,375 properties were newly listed for sale. This is a 12 per cent increase compared to the 4,799 homes listed a year ago.
3. A total of 852 detached properties sold, up roughly 28 per cent from the 666 sales recorded a year ago.
4. The benchmark price of a detached home reached $1,617,300, representing a 2.9 per cent gain from September 2016.
5. REBGV president Oudil says detached homes accounted for 30 per cent of all sales and represented 62 per cent of the total homes listed for sale. “This dynamic has slowed the pace of upward pressure that we’ve seen on detached home prices in our market over the last few years,” says Oudil.
6. Last month, condo sales totalled 1,451, up 19 per cent from the 1,218 sales recorded a year ago.
7. The benchmark price of a condo hit $635,800, soaring 21.7 per cent from September 2016.
8. In the attached segment, a total of 518 properties sold, representing a 40.4 per cent increase compared to the 369 units sold in September 2016.
9. The benchmark price of an attached home was $786,600, up 14.5 per cent from a year ago.
10. For all property types in the region, the sales-to-active listings ratio is 29.8 per cent. REBGV says generally downward pressure on home prices occurs when the ratio falls below the 12 per cent mark for a prolonged period. Conversely, home prices typically experience upward pressure when the ratio surpasses 20 per cent over several months.