Stats

Sales and Listings Report for September 2017


“Being challenged in life is inevitable, being defeated is optional.” Roger Crawford

 Attached are the Sales and Listings Stats updated to the end of September 2017. Real estate markets seem like a distant conversation in light of the events of the last few days. So many conversations need to be had on things not real estate related, far beyond sales and listings and sale prices. While shifting towards the September market now, let’s hope other conversations continue. The fall is upon us, and while September traditionally does start off slow, it did pick up as the month moved on. Looking at sales week by week, the month finished with the greatest amount weekly sales for this September in Greater Vancouver as the month closed out. A similar pattern continued in the market though, detached trailing the attached market in terms of sales activity with detached only being 30% of overall sales. September saw a slight decrease in sales from August in Greater Vancouver with total units sold at 2,881 which was down from 3,097 (7 per cent) in August 2017 and up 25 per cent compared to September 2016. New listings in September were up 26 per cent compared to August 2017 and up 11 per cent compared to September 2016. Sales in Greater Vancouver were up 13 per cent on the 10 year average and new listings were right at the 10 year average. Active listings in Greater Vancouver are as well right at the same level as last year.

Looking at area specific trends, Richmond was one of the lower performing areas with sales in September down 17 per cent compared to August 2017, with that drop spread amongst attached and condos while detached houses were the same as August. In fact the condo sales for Vancouver East and West Side and North Vancouver all saw declines in September compared to August. All while new listings were higher and active listings were increasing; a much needed boost into the most overheated segment of the market. Will this trend continue as we move into October, history shows that September is the peak for new listing numbers, but then again the Metro Vancouver real estate market makes up its own rules. With continued hints that mortgage rule changes are coming and with interest rates up from their lows, there could be external forces that affect the real estate market as we move to finish the year. But one interesting quote came from B.C.’s new Premier, John Horgan, “Housing is a critical component of many people’s equity and their retirement prospects, and we want to make sure we don’t adversely affect the marketplace.” So perhaps our provincial government is going to back off from election rhetoric on making changes to the Metro Vancouver housing market.

From the Real Estate Board of Greater Vancouver, “Our detached homes market is balanced today, while apartment and townhome sales remain in seller’s market territory,” Jill Oudil, REBGV president said. “If you’re looking to enter the market, as either a buyer or seller, it’s important to understand these trends and use this information to set realistic expectations.”

“Detached homes made up 30 per cent of all sales in September and represented 62 per cent of all the homes listed for sale on the MLS®,” said Oudil. “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.”

The Fraser Valley Real Estate Board processed 1,619 sales of all property types on its Multiple Listing Service in September, an increase of 24.1 per cent compared to the 1,305 sales in September of last year, and a 13.8 per cent decrease compared to the 1,899 sales in August 2017. This was the fifth highest sales total for a September in the Board’s history. Of the total sales processed 392 were townhouses and 470 were apartments, together representing 53% of market activity in September.

The Board received 2,848 new listings in September, an 8.2 per cent decrease from August 2017, and a 5.1 per cent increase compared to September 2016’s 2,709 new listings.

Here’s a summary of the numbers:

 Greater Vancouver: Total Units Sold in September 2017 was 2,881 – down from 3,097 (7%) in August 2017, up from 2,304 (25%) in September 2016, down from 3,423 (16%) in September 2015; Active Listings are at 10,122 compared to 10,061 at this time last year; New Listings in September 2017 were up 11% compared to September 2016; Month’s Supply of Total Residential Listings is up to 4 Month’s Supply (Seller’s Market but trending to balanced) and a Sales to Listings Ratio of 53% compared to 71% in August 2017 and 47% in September 2016.

Vancouver Westside Residential: Total Units Sold in September 2017 was 540 – up from 516 (5%) in August 2017, up from 426 (27%) in September 2016, down from 609 (11%) in September 2015; Active Listings are at 1,744 compared to 1,474 at this time last year; New Listings in September 2017 were up 11% compared to September 2016; Month’s Supply of Total Residential Listings is steady at 3 Month’s Supply (Seller’s Market in attached but trending to buyer’s market in detached) and a Sales to Listings Ratio of 51% compared to 69% in August 2017 and 45% in September 2016.

Vancouver Eastside Residential: Total Units Sold in September 2017 was 268 – down from 288 (7%) in August 2017, up from 200 (34%) in September 2016, down from 350 (24%) in September 2015; Active Listings are at 1,107 compared to 1,005 at this time last year; New Listings in September 2017 were up 2% compared to September 2016; Month’s Supply of Total Residential Listings is steady at 4 Month’s Supply (Seller’s Market but trending to balanced) and a Sales to Listings Ratio of 47% compared to 69% in August 2017 and 36% in September 2016.

North Vancouver Residential Total Units Sold in September 2017 was 210 – down from 217 (3%) in August 2017, up from 182 (15%) in September 2016, down from 255 (18%) in September 2015; Active Listings are at 600 compared to 567 at this time last year; New Listings in September 2017 were up 6% compared to September 2016; Month’s Supply of Total Residential Listings is up to 3 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 45% compared to 82% in August 2017 and 41% in September 2016.

West Vancouver Residential: Total Units Sold in September 2017 was 56 – up from 50 (12%) in August 2017, up from 39 (28%) in September 2016, down from 100 (44%) in September 2015; Active Listings are at 636 compared to 518 at this time last year; New Listings in September 2017 were up 35% compared to September 2016; Month’s Supply of Total Residential Listings is down to 11 Month’s Supply (Buyer’s market dominated by detached sales and limited attached sales) and a Sales to Listings Ratio of 20% compared to 37% in August 2017 and 19% in September 2016.

Richmond Residential: Total Units Sold in September 2017 was 379 – down from 454 (17%) in August 2017, up from 269 (41%) in September 2016, down from 457 (17%) in September 2015; Active Listings are at 1,482 compared to 1,425 at this time last year; New Listings in September 2017 were up 29% compared to September 2016; Month’s Supply of Total Residential Listings is up to 4 Month’s Supply (Seller’s Market in attached but trending to a balanced market in detached) and a Sales to Listings Ratio of 53% compared to 67% in August 2017 and 49% in September 2016.