Real Estate Board of Greater Vancouver | November 2019 Market Update
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Real Estate Board of Greater Vancouver | November 2019 Market Update


– Hey everyone, Richard Robbins here. Well, the numbers are in
for the real estate board of Greater Vancouver up
to the end of November. Now at the end, what I’ve
done is put something a little different in
as I always try to do, is I’m going to show you a
breakdown of what percentage of each property type is
making up the total sales. So I hope that you find that helpful. First if all, January now
through the end of November. So let’s look at where we are. November we did 2498. How did that compare to October? We did 2858. We were down by 12.6%,
pretty normal right? As we go from November, December, our sales will start to drop. But what about active listings? Where were they at the end of the month? We were at 10,770 opposed to we we’re at 12,236. So we’re down by 12.6 in terms of sales. We’re down by 12.6 in active listings so which should be happening
to months of inventory, right? You should be exactly the same! Which we are! You can see we’re at 4.3 in October. We’re at 4.3 here in November. Remember four to six is balanced above six is at a buyers market below
four is a sellers market which means what should be
happening to our prices? Nothing, right? They should be almost exactly
the same way they are. But here’s some really good
news for you, look at this. 2018 you did 1608 sales. 2019 you did 2489 sales! That’s an increase of 55.3%. Massive number! That tells us what? The market is moving
in the right direction. What’s happening? Our months of inventory have
got into balanced territory. Our sales are starting to go up. Year over year, prices, we
were just over a million, now we’re at 994. Now you might say is was balanced rich, why would the prices be weakening? Because here! Look it, your 9.8 months of inventory. Remember above six is buyers,
where prices start to weaken. Most of the year, your in a buyers market. 9.8, 7.8, 7.4, right? We balance here, back
into a buyers market. You know, balance right
on the line, right? And now we’re starting to move where we’re sitting in a
balanced market get below four where gonna be moving
into a sellers market. So that’s why you’re prices
are down year over year because most of the year,
your into a buyers market. Here’s your months of inventory. Look at 2017, we had just
about four months of inventory. Look, down here to two. Market was really busy. Obviously, that was a
few years ago, right? And we ended at 3.5. 2018, where did we start? We started here just below four. Then what happened? All of a sudden we started
to go up, up right up! And then we ended at 9.6 and of course, started
this year at almost 10. But now look what’s been
happening everybody. Balance around and look
what’s going on here hey! Hey, we’re moving the right way. Your market is finally
starting to recover. So I think the outlook for 2020 is actually pretty good right now. Have a look at this, this is interesting. This is your sales breakdown. So if you think about it of
all the sales that took place in November, 33% were detached. Now this is interesting, I
just did Calgary in Edmonton and 60% of their sales where detached. Why, it’s all priced. If people can’t afford detach, which they can’t in Vancouver. In a lot of cases, they buy apartments. 50% of your market, okay? Are condo, apartment sales and town houses sitting here at 18%. Now, let’s look at this. This is Fraser Valley. Fraser Valley, 36% was detached, right? Opposed to 33, why? ‘Cause it’s slight less expensive. So in other words, more people
can afford to buy a detach. But not a lot more people can
afford to be buying a detach. So it’s really interesting
when I look at these numbers. But look at this, here’s
your average price. Detached your average price and this is in Greater Vancouver, was 1.4. Let’s look at Fraser Valley,
it was just a million. So your about 400,000 higher. Town houses? Your average price was 772, okay, If I look at Fraser Valley, you were 566. That’s a difference of about $200,000 and of course condo, apartments your average price was 651,000 opposed to theirs was, 386. So dramatic difference but I thought you might find that interesting. These are great comparisons you could be using in a listing presentation. Maybe working with buyers when their trying to decide where to buy. We’re coming into 2020. When I do the report at the beginning of 2020 in
January for the whole year. what I am going to be doing next month is I’m going to compare
the total sales of 2019 to 2018 and 2017. Plus I’m going to give you what going on with the average
price for all three years of every property type next year. Which I think will be great information that you can use talking
to buyers and sellers to help them see what’s
going on in the market. And at the end of the day, everybody, remember it’s a beautiful
life, make it count.

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