Sales Dropping for all product across Metro Vancouver
I’ve shown sales drops before in previous posts like September Sales on Pace For Record Lows. So it’s no secret there’s been a huge drop in sales. It’s also a key factor before prices can even begin to drop. Sales have to slow down, allowing inventory to start backing up.
But you already knew that. I actually had no intention of putting this blog post together but a real estate research and consulting company reached out to me and asked me to pull the numbers for them. Sometimes I’m too nice I know..
I figured since i’ve already done all the work I might as well share it with you. So without further ado I present to you a break down of the recent sales declines across Metro Vancouver.
Quick note, to project final September numbers I pulled the processed sales from September 1-19 and used that number to project the final number come September 30. Also if you want to know what areas the REBGV covers, see below.
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The table shows August 2016 sales were way below 10 year averages for the month of August. Vancouver West down 51%, Vancouver East down 42%, REBGV down 29%.
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September 2016 sales are also on pace to be way below historical averages. Vancouver West down 41%, Vancouver East down 70%, REBGV down 40% for September.
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From the table above you can see that townhouses have dropped 12% across REBGV compared to historical averages for August. Also noted is a 15.5% drop for Vancouver West townhouses, while Vancouver East returned to normal levels.
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Due to the small data sample for Vancouver East & West townhouse sales every month, it’s important that we take these numbers with a grain of salt as they fluctuate quite a bit due to the few sales each month. The numbers do show a 33% drop in Vancouver East and a 26% drop in Vancouver West when comparing to historical monthly averages. If you want a more foolproof data set then we can look at the REBGV area and see a 19% drop.
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Vancouver East condo market up 6% historically. Vancouver West down 11% historically, and REBGV up 16% historically.
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In an interesting turn of events it appears Vancouver East condos are having a tough month, down 22% historically. Vancouver West down 11%. REBGV virtually untouched and appears right on par with historical averages. Although it’s important to remember that just last month REBGV condos were up 16%.
I’ve elaborated on some of these numbers before in Mid September Market Update, but basically these numbers can give you a pretty good idea of the market. Again, sales are slowing across the board and the gap narrowing from what was once a strong sellers market.
Some of this September slowdown could be due to a quiet August now trickling through into September. However, I think the biggest thing to note is the huge drop from 2015. Is this a trend or a return to a stabilized market? It’s a massive change in sales in a mere couple of months. Stay tuned for the next couple weeks…