At Oakwyn we’re always wanting to present the facts in an engaging way. Every month, one of our agents will unpick current market statistics from the Real Estate Board of Greater Vancouver to help you understand what’s going on in the real estate market and what you should be looking out for.
A Big October
Following the record-breaking month of September, October is a close second. The last time Dash and Wurtele note seeing volumes like this was back in 2009 after the recession. Volumes were up 29% from a year ago today and that pushes us to 35% above the 10 year average.
When you look at inventory levels and the fact that we only have about three and a half months of supply on hand, that pushes the sales to listing ratio in a seller’s market for all asset classes. Your average home price right now is $1,045,000 and that’s up about 6% from last year.
Average sale price also hit an all-time high at $1,113,000 and median sales price also found an all-time high at $846,000.
Dash and Wurtele's Key Observations
Firstly, the detached market is the tightest we’ve seen it since 2016. With 30% of all detached homes in the month of October selling above their list price. Detached are the most in-demand, sitting at $1,524,000. That’s up about 8.5% from last year.
Secondly, the average townhouse price is now $813,000. That’s up about 5.3% from last year.
Thirdly, the average condo price today is $684,000, up about 4.3% from last October.
There is a divergence in pricing going on also. There’s a high supply of condos in the marketplace and as such, since about March, we’ve seen condo prices slip by about $6,500. Whereas conversely, townhomes are up by about $23,000 and detached up by $82,000.
Lastly, confidence in the luxury market is increasing. We’ve seen 35 homes around the 5 million dollar mark sold in the month of October with an additional 4 over 8 million.
Get in Touch!
As always, we’d love to get your take on this. Comment and let us know if these trends and observations are something you’re seeing with your buyers and sellers as well.
Get in touch if you want to know specifically about any areas, property types, or trends that you can take advantage of.