For the first time since February of this year, home sales dipped below the 3,000 unit mark in September. Sales dropped over 17% from August's 3,500 home sales. What happened to the Fall real estate market? Should the tagline now be "when leaves fall, sales fall?"
Hi, it's Cari Mai and this is your Vancouver real estate market update for September 2023.
Despite the drop in sales from August to September, this September's sales for all homes types were still 13.2% higher compared with September 2022.
In typical fall housing market fashion, there's a 28% increase in new listings compared to August, which is 24% higher than a year ago and 5% more than the 10-year September average. If we look at the total inventory of homes for sale on the MLS, it's the highest its been in any month since October 2020.
The MLS benchmark price for all home types in Greater Vancouver is $1,203,300. Overall, home prices are still up 4.4% from September last year and saw a slight dip of 0.4% from August 2023.
Earlier in the year, we saw fewer listings come to market. So with housing inventory staying low, we saw prices increase in the spring and summer. Now in the Fall, we're seeing more listings and yet, sales are still relatively low. We're still seeing some homeowners reluctant to sell their home below their desired price, which is typically higher than what buyers are willing to pay for in today's market. Another key factor is mortgage interest rates being at their highest its ever been in over 10 years which is putting some buyers on the sidelines.
I know it's an unpopular opinion but if you're still in the market to buy property, now is a good time to do so as there's more time to view homes, do your due diligence, and negotiate on price. If you need the money from your existing property to buy another one, make sure you sell your home first and have the cash on hand before you commit to your subsequent property. It's taking a bit longer to sell for certain home types so it's better safe to be prudent!
I hope that gives you a glimpse into Vancouver's real estate market this month! Feel free to DM me or leave a comment below if you have any questions about what you just heard.
