Vancouver Real Estate Mid November Market Update
Following up on my October Detached Market Report and my October Condo/Townhouse Market Report this is the Mid November market update which covers the first 15 days of the month. In a fast changing market it’s vital to stay on top of things.
I don’t expect the market to change much during the slow winter months. It seems sellers are holding off on selling and hoping for a turnaround in the spring, while buyers appear hesitant to pull the trigger. Many sellers seem stuck on past prices so not much is getting done right now.
The market appears to be chugging along in uncertainty at a very slow pace.
The detached market continues to be sluggish. October marked the third consecutive buyers market, it appears that won’t change in November. As of the first half of the month new listings are 5.2% below the 10 year average (Nov. 1-15) while sales are 36% below the 10 year average.
Townhouses sales are 12% below normal levels despite inventory being 16.3% below normal levels. An uptick in inventory will be needed to continue a downwards pressure on prices.
REBGV condo sales are 2.7% below the 10 year average. Inventory remains scarce and is 9.6% below the 10 year average.
The common misbelief is that with more inventory we would see more sales. However, I’d like to remind you that we set record sales numbers recently with record low inventory levels.
The question now becomes, with an influx of inventory on the way, with pre sale developments nearing completion, and the spring market flood of listings, will the demand be there to meet the supply? Don’t expect much to change from now until then.