September 5, 2019

August 2019 Market Update

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We’ve changed it up a bit! Instead of comparing the information to that of the previous year, we now look at where things are from last month, last year and 4 years ago.

Why the 4 years?
Earlier, we updated you with the fact that we are essentially at 2016 pricing levels. That’s a truth. So the question is… will prices continue to drop until they reach 2015 levels? How far away are we currently from 2015? 
We take a look at those numbers for some interesting findings. And here is what we can say about our most popular custom home locations:
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The median sales price is slightly lower from last month, and a significant amount from last year, as expected. Naturally, the median sales price has increased rather much since 2015 in Burnaby. Listing levels for August are about 100 homes less than last August. Interesting… In terms of sales, from July of this year, sales are down. BUT, sales are up from last August by about 50%. So, even though August was slower than July, it was still a lot busier then last August.
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It is remarkable to note that the median sales price from July to August 2019 actually increased slightly, at a time where everywhere else is softening. Year-to-year comparisons show a similar downward trend. Nonetheless, prices from August 2015 show a healthy appreciation. The annual inventory levels are down from the previous year and sales are also down from the previous month. The wow-factor is to make note of the fact the sales for August 2019 are DOUBLE of those from August 2018.
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Surprise, surprise… the number of listings and sales are BOTH down from the previous month, just like we noted in the two previous two cities. Sales levels for August 2019 are only up slightly from August 2018. Just like North Vancouver, the median sales price increased in August from the previous month, but it is still less than 2018. The most notable thing is the 2015 price… look at how close the current MSP is to that experienced in 2015. Like WOW! Vancouver has “softened” the most out of the three cities over the past 4 years.

This is a lot of info. We know.
And if you have any questions about the stats and data, feel free to ask! We are always here to help. Give us a call - 604.420.5220 and let’s talk!!