September is typically the onset of Vancouver's fall market. It's USUALLY the second busiest season in our real estate market...where we see a peak in both listing and sales activity.
After everyone takes a breather in August, the fall season begins as soon as Labour Day is behind us. This year, September didn't disappoint but it did hold a big surprise (unless, that is, you've been following my weekly market updates).
There were 934 sales in the month. That was +4.7% over August sales (and down 4.4% from a year ago). What was most notable, however, is that it was a whopping 21% over the 10-year average.
While the demand (sales) side delivered as expected, it's the supply (listings) that were a surprise. While we typically see a flood of listings in the fall, it was really just a trickle through September.
There were 1,854 new listings (+40.6% over August and -14% from the previous year). Total active listings were 3,647 which was -4% from the 10-year average.
This rise in demand and drop in supply has pushed us once again into a seller's market. It's the first time since May that the entire market could be defined as a seller's market.
The strongest sub-markets were in East Vancouver. Specifically, condos and townhouses...and condos throughout the city showed particular strength. The weakest segment of the market continues to be Westside detached homes...especially the higher end of that market.
So far, the fall market has been a frustrating one for buyer's. There are many people sitting, watching and waiting...unable to find their ideal home...or finding strong competition (and multiple offers) on the best listings that hit the market.
What's it all mean? Without more supply, it's likely that we'll see continued upward pressure on prices...especially for the hottest sub-markets. It's a market that requires careful navigation and ideally guidance from your trusted real estate expert.