December 2018 Market Update
December followed similar patterns to November. The volume of sales was significantly down from the same month a year earlier. However, the number of listings was also well down, by more than 50% in most sectors, keeping supply and demand surprisingly well balanced. Benchmark prices have softened over 12 months – houses down 11% in Vancouver West and 7% in Vancouver East and condos down 3% in Vancouver West and 1.5% in Vancouver East. To quote us from last month:
The first real indicator of where things are going, and what if any impact it might have on prices, will be as we move into the New Year. If buyers continue to sit back and sellers come back in numbers in the spring, then more downward pressure on prices is inevitable. However we are not sensing any panic in the market when it comes to the city itself. Time and again in Vancouver, if the market slows, especially in the more established/central areas, sellers tend to back off and wait it out. Such is the pressure and demand to live centrally that buyers will always make it their first choice, and if the supply here remains limited the prices will hold.
One thing is for certain. Current market conditions are making for a much more pleasant experience for buyers. The slower pace is allowing for more thoughtful decision making, less hurried due diligence and yes even being able to spend more than 15 minutes in a property, before making the biggest investment of your life. Long may this part at least continue!