September Status Update

Underground Storage Tank
October 31, 2016

The latest market stats report is now ready from the Real Estate Board of Greater Vancouver. Please click download to obtain a copy!

Over the past month, the real estate market in the greater Vancouver seemed to have become more stabilized.

For those of us at the front line interacting with buyers and sellers on a daily basis, the change in many of the buyers’ mindsets are very noticeable. We are now seeing a lot less multiple offers or subject-free offers being made on properties.

Instead, many buyers are now very prudent and diligent when it comes to selecting their next property. We feel the market is currently filled with more buyers with “inelastic demand”.

In the month of September, total sales number recorded on MLS is 2,253, with 666 being detached properties, 1,218 apartment units, and 369 attached properties. 

In the city of Richmond, the figure for detached property is 79, 130 for apartment units, and 60 attached properties. In Richmond, the market seems to be in a bit of a stalemate for properties, except apartment units.

The Benchmark Price stays very strong at $439,000, this reflects a 0.3% dip from August 2016, 3.5% increase over the past 3 months, and 17.9% growth over the past 12 months.

Note that the benchmark price is only indicative of a “typical” property in the region, depending on the actual location and condition of your property, the growth for your property may vary.

If you are considering putting your property for sale, now is still a very good time to capitalize on the market.

Our job as competent real estate professionals, in turn, is to make sure your property receives high quality and quantity of market exposure, and generate you the most financial return while creating the least amount of disruption possible!


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