In Greater Vancouver, homebuyer demand continues to differ based on the housing type. We’re here today to take a closer look at what happened in the metro Vancouver housing market in September.
Realtors registered over 2,800 sales on the MLS last month. That figure is up 25% from this time last year and up 13% when compared to the 10-year September sales average.
Condo and townhome activity continues to outpace the detached home market across Vancouver. In fact, detached homes made up just 30% of all sales in September while representing 62% of the total homes listed for sale on the MLS. In total, there are over 9,400 properties listed for sale in metro Vancouver.
To better understand the balance between supply and demand, let’s look at the sales-to-active-listings ratio. As you can see in the graph in the video above, downward pressure on home prices can occur when the ratio dips below the 12% mark for a sustained period. Conversely, home prices can experience an upward pressure when that ratio surpasses the 20% mark over several months. Today’s ratio across all housing types is 30%. When we break it down, detached homes are in a clear balanced market while condos and townhomes remain in a strong seller’s market.
Home prices tell a similar story. Single-family homes have increased by 3% in price on average over the last year, while condos and townhomes have both seen double-digit gains.
If you’re looking to enter the market as either a buyer or a seller, it’s important to work with your local realtor so you understand the latest market trends and set realistic expectations to help you achieve your housing goals.
If you have any questions for us, don’t hesitate to reach out and give us a call or send us an email. We would love to hear from you.