Greater Vancouver Housing Market – Current Statistics for August 2017
Here is a quick summary of what happened in the Vancouver real estate market during the month of August. If you would like a complimentary copy of the complete SnapStats report, including neighborhoods-level sales and price statistics, please give me a call at 778-558-9948 or email me at email@example.com To view the email I sent to my subscribers, please click here
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Now back on to the market updates… 🙂
The sales for August 2017 increased by 22% compared to august 2016. Keep in mind that the foreign buyer tax was introduced last year in August. Last month’s sales were 20 per cent above the 10-year August sales average.
The sales-to-active listing ratio for Condos clearly surpassed the sales-to-active ratio for Detached homes once again last month.
The Condo and Townhome prices are rising up faster than the other products in the market with an increase of 12.8% (Townhomes) and 19.4% (Condos) compared to 0.2% for the Detached homes. Sounds like a great time to buy a detached house…
Condos are popular products in the market. 67% of all properties sold last months were condos. Last year in August, condos represented 60% of all sales.
***It is very important to pay attention to local market trends as they tend to be VERY different. Look at the SnapStats Report and consult your realtor to establish the best winning strategies either for selling or buying. The SnapStats Report is a phenomenal report that you can consult for free to get familiar with the latest trends. Download the SnapStats Report here.
If you have any questions, please send me an email and I would be happy to help you for your Buying or Selling needs.
Watch the Real Estate Board of Greater Vancouver video below for the overall monthly summary or get the market speed for your home in your neighborhood with Market Speedo and the SnapStats report.
Once again, for the ones that like to read, simply scroll down below for the market summary.
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Competition for condominiums and townhomes pushed Metro Vancouver* home sales above typical levels in August.
“First-time home buyers have led a surge this summer in demand in our condominium and townhome markets,” Jill Oudil, REBGV president said. “Homes priced between $350,000 and $750,000 have been subject to intense competition and multiple offers across the region.”
“Conditions in our detached home market are distinct today from the dynamic in our condominium and townhome markets,” Oudil said. “Detached homes have entered a balanced market. This means there’s less upward pressure on prices and that buyers have more selection to choose from and more time to make their decisions.”
Percent of Original List Price Received at Sales: 100% for the last five months vs 98% in January 2017.
Sales-to-Active-Listings Ratio: 32.5% vs 24% in August 2016 and 61% in March 2016. The Sales-to-Active-Listings Ratio was 19% in January 2017. By property type, the ratio is 16 per cent for detached homes, 45 per cent for townhomes, and 76 per cent for condominiums. A seller’s market typically occurs when this ratio exceeds 20 per cent for a sustained period of time. ***The Sales Ratio in July 2017 was 66% in Downtown Vancouver and 7% in Vancouver Westside for the Detached Home Market. The Sales Ratios for the Detached Home Market in Port Coquitlam was at 46% followed by Maple Ridge at 41%. The sales ratio in North Vancouver was at 28% compared to New Westminster at 23%, Coquitlam at 22%, East Vancouver at 16%, Burnaby at 13% and Richmond at 12%.
Total Inventory: 8,807 a 3.5 per cent increase compared to August 2016 (8,506) and a 4.2 per cent decrease compared to July 2017 (9,194). There were 4,245 homes listed for sale listing in Metro Vancouver last month. This represents a decrease of 1.1 per cent compared to the 4,293 units listed in August 2016 and a 19.2 per cent decrease compared to July 2017 when 9,194 properties were listed.
Benchmark Price: $1,029,700. This represents a 9.4 per cent increase over August 2016 and a 1 per cent increase compared to July 2017. The benchmark price for detached properties is $1,615,000. This represents a 2.2 per cent increase over the last 12 months and a 0.2 per cent increase compared to July 2017. The benchmark price for condos is $626,800. This represents a 19.4 per cent increase over the past 12 months and a 1.7 per cent increase compared to July 2017.
Median Days on Market: 11 days for the last 2 months. The median Days on Market in January 2017 was 22 days. If we take a closer look at Downtown Vancouver, the Median Days on Market was 10 days vs 9 days in July. For more information about your neighbourhoods’ sales and price statistics, I strongly encourage you to download the latest SnapStats Report.