The numbers are in for the Greater Vancouver and I want to share them with you. There are some good news and some not very good news based on the numbers. Let’s look into the numbers.
October 2017 opposed to October 2018. The sales are down by 35%. We only did 1966 in October this year compare to 3022 sales in October last year. Our listings are up by 42%.
What’s happening to the month of inventory? Obviously, it’s going up! Last year we had 3 months of inventory, this October 6.6 months. We are moving into the full Buyer’s market.
Let’s compare this September 2018 with October 2018. We have some good news here. The sales month over month are up by 23% and the listings are down by 1%, but almost the same. If the sales are up and inventory is roughly the same what’s happening to the Month of Inventory? Obviously, it’s dropping. We had 8.2 months of inventory in September, but only 6.6 months in October 2018. That is very positive news and we started to move right way.
Let’s look into Sales 2017 vs Sales 2018. We can see that January 2018 is a bit better than January 2017. But then what start to happen you can see it started to drop off. 2018 was weaker in every other month after January all the way through the October.
But here is some good news. The Sales were going down every month starting from May, but all of the sudden in October they went all the way up. I think it is very positive based on the fact that we had another mortgage rate increase in the month of October and we probably going to see more going forward.
I know what’s going to happen to the rest of this year moving into the next year. I think it is going to be more of the same. I do not think it will change dramatically, I think November sales will be as strong as October, but nobody knows for sure, will see.
