“Always and never are two words you should always remember never to use.” — Wendell Johnson

 

Sales and listings stats are attached as of August 19, 2018. So many adjectives, so little time in trying to explain the real estate market right now. Much like the Canucks, people are questioning whether it’s a rebuild or a retool. Where is the market at? Are prices down? If so how much? What metric do we use? Well for starters, activity is down and quite significantly compared to the last two years. That we know and that we’ve seen. The numbers for August so far are trending towards one of the lower amounts for sales in August in the last 20 years. But it would appear it may be on par for July, which typically isn’t the case. August sales typically are lower than July. Average Price/Median Price is down, in some areas more than others. And why wouldn’t it be if demand is pushed to the lower end of the market given that Average/Median Price comes from a calculation of the total dollar volume of sales. Not surprising when the higher end of the market is down, but not indicative of what buyers are paying for a particular home. And new listings are much lower for August comparatively. Perhaps we need the Fall to begin the rise. Bring on September!

 

Here is a summary of the activity so far:

 

Greater Vancouver –1,091 Units Sold so far in August 2018 compared to 1,862 Units Sold at this time in August 2017 and 1,639 at the same time in August 2016. Total New Listings so far in August are 2,347 compared to 2,798 at this time in August 2017 and 3,220 at this time in August 2016. Total Active Listings are at 12,679 (9,764 at the same time in August 2017), Sales To Listings Ratio is at 46% compared to 67% at this time in August 2017.

 

Vancouver West - 210 Units Sold so far in August 2018 compared to 308 Units Sold at this time in August 2017 and 293 at this time in August 2016. Total New Listings so far in August are 458 compared to 483 at this time in August 2017, and 582 at this time in August 2016. Total Active Listings are at 2,223 (1,689 at the same time in August 2017), Sales To Listings Ratio is at 46% compared to 64% at this time in August 2017.

 

Vancouver East – 103 Units Sold so far in August 2018 compared to 184 Units Sold at this time in August 2017 and 142 at this time in August 2016. Total New Listings so far in August are 239 compared to 270 at this time in August 2017, and 347 at this time in August 2016. Total Active Listings are at 1,359 (1,086 at the same time in August 2017), Sales To Listings Ratio is at 43% compared to 68% at this time in August 2017.

 

North Vancouver – 73 Units Sold so far in August 2018 compared to 135 Units Sold at this time in August 2017 and 107 at this time in August 2016. Total New Listings so far in August are 157 compared to 165 at this time in August 2017, and 199 at this time in August 2016. Total Active Listings are at 764 (506 at the same time in August 2017), Sales To Listings Ratio is at 46% compared to 82% at this time in August 2017.

 

West Vancouver – 27 Units Sold so far in August 2018 compared to 23 Units Sold at this time in August 2017 and 40 at this time in August 2016. Total New Listings so far in August are 86 compared to 84 at this time in August 2017, and 86 at this time in August 2016. Total Active Listings are at 735 (585 at the same time in August 2017), Sales To Listings Ratio is at 31% compared to 27% at this time in August 2017.

 

Richmond –140 Units Sold so far in August 2018 compared to 270 Units Sold at this time in August 2017 and 206 at this time in August 2016. Total New Listings so far in August are 336 compared to 425 at this time in August 2017, and 439 at this time in August 2016. Total Active Listings are at 1,808 (1,440 at the same time in August 2017), Sales To Listings Ratio is at 42% compared to 64% at this time in August 2017.

 

 

Kevin Skipworth

Dexter Associates Realty

Partner/Broker