Market Adjustments #VanRe November 2016
With sales 7.6% below the 10 year average last month, the benchmark pricing came down 1.2% across Metro Vancouver - largely due to and 2.2% decrease in detached property pricing. While attached properties have remained virtually unchanged, longer days on market are forcing price adjustments on some detached properties of up to $500k. Many home owners, who's listings had expired in the fall are commenting that the market has turned and it will be better in the spring, but it's unlikely. With the regulations implemented this year to curb foreign investment, high risk loans, and the rental market, sales are unlikely to return to the levels that they were at the end of 2015 and the beginning of 2016. While the market continues to correct in Vancouver, Seattle and Toronto are still experiencing record months. Despite the soft sales numbers the sales-to-active listings ratio actually rebounded 2% this month, with better traffic reported at the open houses. However, "experts" are sill predicting a 8.5% downward price adjustment by the spring.
- Sales totalled 2,214 in November, a decrease of 37.2% year over year and a decrease of 0.9% from October. 7.6% BELOW the 10 year average.
- Supply was UP 3.5% from November 2015, and DOWN 8.3% from October.
- Sales-to-active listings ratio of 26.4%, up from 24.4% in October.
- SELLERS MARKET.