SEPTEMBER MARKET UPDATE 

By: Cheryl Davie

SEPTEMBER MARKET UPDATE 

Tags: Homes in Vancouver, Vancouver apartments, Mount pleasant homes, Luxury living Vancouver

Strengthened Housing Sales Seen Across The Board This September.


The trend for September was clear - buyers were active and sales were strong. A total of 2,333 properties sold - a staggering 46.3% increase compared to September 2018 and a 29.9% increased compared to August.



This will mark the 3rd month in a row overall sales have shown an increase year-over-year.

All property types saw substantial year-over-year gains in sales volume: detached home sales increased 46.7%, townhome sales increased 53.5% and apartment sales 43.6%. These are the most sizeable increases seen for every category all year. 


Pricing remains very stable, as it has over the last few months - a good indicator of a balanced market. 
Despite 29.9% more sales this month than last, the benchmark price of a detached home remained completely unchanged from the August average. Apartment prices experienced a minimal decline of 0.4%, with townhomes experiencing a similar decline of 0.7%.

 

The "Wait & See" Approach

Will Soon Be Retired


 

The statistics above are partially influenced by the low sales count recorded in September 2018, but increases this substantial speak to the changing attitudes of buyers and sellers.

Buyers are more willing to act and make offers. As prices remain stable, the “wait and see” approach has become less popular. Sellers are coming to terms with the current market conditions and new "average" property values. 

The balanced market that was predicted has officially been realized - sales are happening at a healthy rate, without prices becoming overly inflated. With any luck this kind of consistency will carry throughout the rest of the year, and many more years to come.

To learn more about how purchasing property could benefit your financial future, reach out for a referral to one of our trusted partners. Now is the time to ask questions and see how buying or seeling in this market can work for you.