October 2018

There were 49 sales of detached homes – up 32% from September’s total of 37, but still 25% below the 65 sales in October of ’17. This is the 9th month in a row where the sales per month have been less than the corresponding month last year. The YTD totals are also down 25%, from 626 in 2017 to 470 this year. The Benchmark Price – the price of an average home in an average area – also decreased by .04% to $597,700. This is the fifth month in a row that the Benchmark Price has dropped.
With condo’s and apartments, there were 9 sales in October, very similar to September. However, the YTD total of 125 units sold is 40% down from the 207 sold this time last year. Just the same, the demand and prices remain strong for condo’s and apartments.
For vacant land, the YTD totals show a similar trend to detached and attached. There have been 116 sales this year vs 161 last year, representing a decrease of 28%. These numbers confirm what we’re seeing in most other areas of the Lower Mainland: slower sales and price adjustments. The fact is though, we’re still showing and selling homes, and prices are still near all time highs. For more information, get in touch with your RE/MAX Oceanview Agent.