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January 2014 – Market Update from Francis Piché



 

Greater Vancouver Housing Market – Current Statistics for Janaury 2014

Here is a quick summary of what happened in the Vancouver real estate market during the month of January. If you would like a complimentary copy of the complete report, including neighborhood-level sales and price statistics, please give me a call at 778-558-9948 or email me at francis@infinite.local.

Bonjour dear Friends!

Number of Sales: 1,760 or 30.3% increase compared to 1,351 sales recorded in January 2013. January had 9.9% decline in sales compared to the 1,951 sales in December 2013. Last month’s sales were 7.2% above 10-year January average.

Percent of Original List Price Received at Sales: 95.5%, which is 1.2% higher than January 2013 at 94.3%.

Sales-to-Active-Listings Ratio: 14%, which is consistent with a balanced market condition and a great improvement vs a Buyer market condition with 9.7% in January 2013. We have been in a balanced market for nearly a year. An upward pressure on price occurs when the sales-to-active-listings ratio is around 20-22% in a particular community for a sustained period of time.

Total Inventory: 12,602, a decline of 4.9% compared to this time last year, and an increase of 9.8% compared to December 2013.

 There were 5,345 homes listed for sale listing in Greater Vancouver last month, an increase of 4.2% compared to January 2013 and 17.7% above 10 year average.

Benchmark Price: $606,800, an increase of 3.2% over January 2013. Detached homes prices increased by 3.2% and condos increased by 3.7% in the last year.

Average Days on Market: 70 days vs 75 days in January 2013. If we take a closer look at Downtown, the average days on market was 38 days vs 42 days in December 2013. As you see, the stats vary from market to market and even from neighborhood to neighborhood. Furthermore, a condo tower can reflect different market status vs another tower as each building is a neighborhood in itself. For more information about your neighborhoods-level sales and price statistics, I strongly encourage you to download the latest SnapStats Report.
 

2014 Federal Budget

In the light of the 2014 Federal Budget, the country could be back in the black one year ahead of schedule, though only by a hair. There will be no income tax increase this year for the Canadians.
 

Interest rates

RBC’s interest rates went down last week. Are you pre-approved or do you need a better rate to lower your mortgage payment and save more money?
 

Assisting you in Your Neighbourhood Search

Find your perfect match and follow the 3 easy steps. Determine if the neighbourhood is good for you by reviewing Google Map layers for amenities, school catchments and more. Find out the market trends and customize your MLS® search. Click here to start.
 

How to Sell Your Home Fast & Use SnapStats?

As I previously mentioned in my newsletter last month, a well-priced property can sell really fast. A property I listed on January 13, 2014, sold in 4 days at 104% of asking. The reason? I used the SnapStats report to see the Price Band Sales Ratio between 300-400K and the Price Band Sales Ratio between 400-500K. The report indicated that the Sales Ratio between 300-400K was 47.13% and 25.42% between 400-500K. We listed the property at 399.9K although the Fair Market Value suggested that we could have listed the home slightly over 400K. We listened to the market to generate the maximum interest possible and we eventually ended up dealing with multiple offers.

PRICING is the most important factor in selling your property. No matter what time of year you want to sell, as long as your home is priced well, it should sell. A certain season will not sell your home quicker. The longer you wait, keep in mind that you will also have more competition. The inventory of homes is currently low and Vancouver is a great Real Estate market with Buyers ready to buy. Thinking of selling in the spring? Don’t wait, sell it now!
 

SnapStats Report

Not only do you get the SnapStats report for Vancouver Downtown, Vancouver Westside, Vancouver Eastside, North Vancouver, West Vancouver and Richmond but you will also get statistics from GVRD including Burnaby, New Westminster, Coquitlam, Port Coquitlam, Port Moody, Pitt Meadows and Maple Ridge. Also, check out the new feature “Sale Price SQFT”. Once you’ve received your copy, feel free to pass along to your friends and family!

To access the complete SnapStats report (PDF) for the month of January 2014 for your specific neighbourhood and area, please give me a call at 778-558-9948 or email me at francis@infinite.local

How to Read The Report? The SnapStats report will give valuable information and the answer the following questions:

– What is the sales ratio of where I live or where I want to live?***
– What is the trend on inventory, price and number of sold properties for the last 13 months?
– Who can help me better determine my market value and help me use SnapsStats to my advantage? FRANCIS!

***Sales Ratio over 21% is considered a Seller Market
***Sales Ratio of below 14% is officially a Buyer market

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Francis Piché
421 Pacific Street
Vancouver, BC V6Z 2P5

Cell: 778-558-9948
Office: 604-685-5951
Email: francis@francispiche.com

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