August 2018 Real Estate Stats and Info

Hi Everyone,
It would seem someone has flipped the ‘Autumn’ switch! That sure came on quick. I was hoping for a couple more weeks of sunshine, but our province sure needs the rain. I hope it’s helped with the wildfires further north.
Looking at the real estate stats for the warm month of August, home buyer demand continued to stay below historical averages for the month, across all housing types. Sales volume was 25.2% below the 10 year average for August. 
“Home buyers have been less active in recent months and we’re beginning to see prices edge down for all housing types as a result,” Phil Moore, REBGV president said. “Buyers today have more listings to choose from and face less competition than we’ve seen in our market in recent years.”

While the total number of active listings is down slightly from July, by 2.6%, it is 34.3% higher than August 2017. It is important to note, however, that inventory levels have been at historic lows for much of 2015 through to earlier in 2018.

As I said last month, it’s a great time to be a buyer. Properties still do sell in these slower markets, but sellers must now be willing to price their homes sharply in order to be successful. After three years of a highly competitive market, with steep price appreciation, it’s sometimes hard to make this adjustment, but sellers are being more realistic now, overall. 
Contact me for more information on specific neighbourhoods in Greater Vanocuver. For Vancouver, here's the snapshot:
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A large part of my business comes from referrals, so if you or someone you know is interested in buying and/or selling, please pass along my contact information and I would be happy to speak with them about how I can help.
Warm regards,
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