As anticipated, Months of Inventory (MOI)* likely hit its low points in May and began to rise again in June. Both Westside detached homes and townhomes are in a "buyers' market" at 12.42 months and 8.22 respectively. Apartments at 6.59 months are in a n so called "balanced" market.
Active listings are presently at typical volumes for all home types.
Sales volumes remain low for all home types and especially low compared to the past decade for detached homes. Based on history, May appears likely to be the sales volume high point for 2019.
The Real Estate Board's HPI Price, average sales prices and median price per square foot all continue to trend downwards for Vancouver Westside homes.
Average Sale Prices are down about 30% across the board from their high points in late 2017/early 2018.
The balance of probablities suggests that we will see sales volumes flag for the rest of 2019 and if the present trend continues they may hit new lows point for the past decade. If things trend this way, as I suspect they will, we can expect to see prices continue to fall.
By Sam Wyatt - Vancouver Realtor.
*Months of Inventory (MOI) is a measure derived from the number of active listings during a given month divided by the number of sales that month. It indicates the theoretical length of time it would take to sell all of the properties on the market if nothing changed. Historically, 0-5 months of inventory has generally implied upward price pressure ("Seller's Market"), 5-8 months of inventory has indicated a flat market with respect to pricing ("Balanced Market") and over 8 months of inventory has, for the most part, precipitated downward price pressure ("Buyer's Market").
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