{"id":3584,"date":"2016-10-04T09:27:13","date_gmt":"2016-10-04T16:27:13","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=3584"},"modified":"2016-10-04T09:27:29","modified_gmt":"2016-10-04T16:27:29","slug":"home-buyers-sellers-face-changing-market-dynamics","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/10\/home-buyers-sellers-face-changing-market-dynamics\/","title":{"rendered":"Home Buyers &#038; Sellers Face Changing Market Dynamics"},"content":{"rendered":"<p style=\"text-align: justify;\">Metro Vancouver* home sales dipped below the 10-year monthly sales average last month. This is the first time this has occurred in the region since May 2014.<\/p>\n<p style=\"text-align: justify;\">Metro Vancouver home sales totalled 2,253 in September 2016, a decrease of 32.6% from the 3,345 sales recorded in September 2015 and a decrease of 9.5% compared to August 2016 when 2,489 homes sold.<\/p>\n<p style=\"text-align: justify;\">Last month\u2019s sales were 9.6% below the 10-year sales average for the month.<\/p>\n<p style=\"text-align: justify;\">\u201cSupply and demand conditions differ today depending on property type,\u201d Dan Morrison, REBGV president said. \u201cWe\u2019re seeing more demand for condominiums and townhomes today than in the detached home market.\u201d<\/p>\n<p style=\"text-align: justify;\">New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,799 in September 2016. This represents a decrease of one per cent compared to the 4,846 units listed in September 2015 and an 11.8% increase compared to August 2016 when 4,293 properties were listed.<\/p>\n<p style=\"text-align: justify;\">The total number of homes currently listed for sale on the MLS\u00ae system in Metro Vancouver is 9,354, a 13.4% decline compared to September 2015 (10,805) and a 10% increase compared to August 2016 (8,506).<\/p>\n<p style=\"text-align: justify;\">The sales-to-active listings ratio for September 2016 is 24.1%. This is the lowest this ratio has been since February 2015. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12% mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period.<\/p>\n<p style=\"text-align: justify;\">\u201cChanging market conditions are easing upward pressure on home prices in our region,\u201d Morrison said. \u201cThere\u2019s uncertainty in the market at the moment and home buyers and sellers are having difficulty establishing price as a result. To help you understand the factors affecting prices, it\u2019s important to talk with a REALTOR\u00ae.\u201d<\/p>\n<p style=\"text-align: justify;\">The MLS\u00ae Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $931,900. This represents a 28.9% increase compared to September 2015 and a 0.1% decline compared to August 2016.<\/p>\n<p style=\"text-align: justify;\">Sales of detached properties in September 2016 reached 666, a decrease of 47.6% from the 1,272 detached sales recorded in September 2015. The benchmark price for detached properties is $1,579,400. This represents a 33.7% increase compared to September 2015 and a 0.1% increase compared to August 2016.<\/p>\n<p style=\"text-align: justify;\">Sales of apartment properties reached 1,218 in September 2016, a decrease of 20.3% compared to the 1,529 sales in September 2015.The benchmark price of an apartment property is $511,800. This represents a 23.5% increase compared to September 2015 and a 0.5% decline compared to August 2016.<\/p>\n<p style=\"text-align: justify;\">Attached property sales in September 2016 totalled 369, a decrease of 32.2% compared to the 544 sales in September 2015. The benchmark price of an attached unit is $677,000. This represents a 29.1% increase compared to September 2015 and a 0.1% decline compared to August 2016.<\/p>\n<p><a href=\"http:\/\/www.rebgv.org\/sites\/default\/files\/REBGV%20September%202016%20Stats%20Package.pdf\" target=\"_blank\">Click here <\/a>to view the complete stats package.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Metro Vancouver* home sales dipped below the 10-year monthly sales average last month. This is the first time this has occurred in the region since May 2014. Metro Vancouver home &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/10\/home-buyers-sellers-face-changing-market-dynamics\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-3584","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Home Buyers &amp; Sellers Face Changing Market Dynamics &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2016\/10\/home-buyers-sellers-face-changing-market-dynamics\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Home Buyers &amp; Sellers Face Changing Market Dynamics &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Metro Vancouver* home sales dipped below the 10-year monthly sales average last month. 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