Greater Vancouver Housing Market – Current Statistics for January 2016
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 SnapStats report, including neighborhoods-level sales and price statistics, please give me a call at 778-558-9948 or email me at firstname.lastname@example.org To view the email I sent to my subscribers, please click here
Monday February 8th marked the start of the Lunar New Year period that will run until February 22nd. Happy Chinese New Year! Gung Hei Fat Choy!Watch the Real Estate Board of Greater Vancouver video for the overall monthly summary or get the market speed for your home in your neighborhood with Market Speedo and the SnapStats report.
For the ones that like to read, simply scroll down below for the market summary.
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Wishing you and your family love, good health, happiness and prosperity for the New Chinese New Year!
Home Buyer Competition Keeps Home Sellers In The Driver’s Seat
Home buyer activity remains at near record levels across the Metro Vancouver housing market.
“Fundamental economics are driving today’s market. Home buyer demand is at near record heights and home seller supply is as low as we’ve seen in many years,” Darcy McLeod, REBGV president said.
“The MLS® is the most powerful real estate marketing system in the country. If you’re thinking of selling, it’s important to talk with your REALTOR® about putting your home on the MLS® system to ensure your property gets maximum exposure,” McLeod said.
Number of Sales: 2,519 or 31.7% increase compared to 1,913 sales recorded in January 2015, and a decrease of 10.9% per cent compared to the 2,827 sales in December 2015. Sales of detached properties in January 2016 reached 1,047, an increase of 34.1 per cent from the 781 detached sales recorded in January 2015. Sales of apartment properties reached 1,096 in January 2016, an increase of 35.5% per cent compared to the 809 sales in January 2015. Last month’s sales were 46 per cent above the 10-year sales average for the month and rank as the second highest January on record.
Percent of Original List Price Received at Sales: 99.4%, which is 2.1% higher than January 2015.
Sales-to-Active-Listings Ratio: 34.8% vs 17% in January 2015. A seller’s market typically occurs when this ratio exceeds 20 per cent for a sustained period of time. *** The Sales Ratio in January 2016 was 63% in Downtown Vancouver and 29% in Vancouver Westside for the Detached Home Market. Time to list your home???
Total Inventory: 6,635, a decline of 38.6% compared to this time last year, and a 10.1% decline compared to December 2015. There were 4,442 homes listed for sale listing in Metro Vancouver last month, a decrease of 6.2% compared to the 4,437 new listings reported in January 2015 and a 119.8 per cent increase compared to December 2015 when 2,021 properties were listed. Hurrah for more inventory!
Benchmark Price: $775,300 an increase of 20.8% over January 2015. The benchmark price for detached properties increased 27.9 per cent from January 2015 to $1,293,700 and increased 2% per cent compared to $1,248,600 in December 2015. Condos increased by 15.8% over the last year to $443,400.
Median Days on Market: 22 days vs 39 days in January 2015. The median days on market in December 2015 was 25. If we take a closer look at Downtown Vancouver, the Median Days on Market was 9 days in January 2016 vs 15 days in December 2015. 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 building 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.