April 2018 Greater Vancouver Real Estate Market Update
Property sales in Greater Vancouver totalled 2,579 in April, a decrease of 27.4% from the 3,553 sales recorded in April 2017.
This marks a 17-year April low.
Last month’s sales were 22.5 per cent below the 10-year April sales average, and it followed an ever slower March were sales were down 29.7%.
The sellers are starting to come out and with the lack of buyers over the past 2 months there are now over 9,800 listings available , an increase of almost 26% over April 2017.
So, what is selling? Well, we're seeing around 80% of all transactions happening below the $800,000 mark. And generally speaking, the higher the property price, the longer it is sitting on the market.
Condo's remain the hot item, but even those are seeing a cooling.
We are seeing less offers, more options and a balance shift from the seller to the buyer.
If you've been waiting to buy because you don't like competing in Multiple Offer scenarios, or you've wanted the market to cool, or don't feel comfortable going in Subject-Free, NOW IS YOUR TIME.
Breaking It Down By Housing Type
Sales of detached properties in April 2018 reached 820, a 32.4% decrease from April 2017. The benchmark price for detached properties is $1,605,800. This represents an 5.1% increase from April 2017.
Sales of Townhomes in April 2018 reached 396, a 27.7% decrease from April 2017. The benchmark price for detached properties is $854,200. This represents an 17.7% increase from April 2017.
Sales of Condos in April 2018 reached 1,315, a 23.6% decrease from April 2017. The benchmark price for condo properties is $701,000. This represents an 23.7% increase from April 2017.