Greater Vancouver Housing Market – Current Statistics for January 2017
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 email@example.com To view the email I sent to my subscribers, please click here
It is very important to know that the market still varies a lot depending on the product type, location, price range etc. I was recently involved in a multiple offer scenario in Langley competing against 10 other buyers for a Townhouse. Thankfully we won and the purchasing strategy definitely helped. You would be surprised about the power of a personal letter from the buyer to the seller. It could be the X-Factor that helps you win.
The Detached Market, although softer compared to July, still entertains multiple offer situations. Preparation is key for the Buyers and the market strategy is crucial for the Sellers.
Look at local market trends with 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 are interested in how much a much a mortgage will cost you ‘upfront’ and ‘monthly’, check out the “Mortgage Tool”. Try playing around with the size of your downpayment to see how it will affect your monthly costs.
Talking about mortgage, remember to consult your Mortgage Specialist to learn about the BC Home Partnership Program to see if you can qualify.
If you are looking to invest, please have a look at the “Investor Tool”. Use the interactive toggles on the left to see how changes to the purchase price, down payment size, and rent all affect your monthly cash flow. Will your property be cash flow positive? Remember that you can download every calculation you make to excel in the ‘Summary’ tab.
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.
Happy read & happy watch!
Home sales and listings trends are below long-term averages in the Metro Vancouver* housing market. This is due largely to reduced activity in the detached home market.
Last month’s sales were 10.3 per cent below our 10-year January sales average.
“From a real estate perspective, it’s a lukewarm start to the year compared to 2016,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “While we saw near record-breaking sales at this time last year, home buyers and sellers are more reluctant to engage so far in 2017.”
“Conditions within the market vary depending on property type. The townhome and condominium markets are more active than the detached market at the moment,” Morrison said. “As a result, detached home prices declined about 7 per cent since peaking in July while townhome and condominium prices held steady over this period.”
Number of Sales: 1,523 or 39.5% decrease compared to 2,519 sales recorded in January 2016 and a decrease of 11.1 per cent compared to December 2016 when 1,714 homes sold. Sales of detached properties in January 2017 reached 444, a decrease of 57.6 per cent from January 2016 when 1,047 homes sold. Sales of apartment properties reached 825 in January 2017, a decrease of 24.7 per cent compared to the 1,096 sales in January 2016.Percent of Original List Price Received at Sales: 98%, which is 1.4% lower than January 2016 and 0.7% higher than December 2016.
Sales-to-Active-Listings Ratio: 19.74% vs 33% in January 2016. It’s hard to imagine that the Sales-to-Active ratio in July last year was at 61%! A seller’s market typically occurs when this ratio exceeds 20 per cent for a sustained period of time. ***The Sales Ratio in January 2017 was 31% in Downtown Vancouver and 7% in Vancouver Westside for the Detached Home Market. The Detached Home Market is considered a Buyer’s market in most of the areas in Lower Mainland.
Total Inventory: 7,238 an increase of 9.1% compared to January 2016 (6,635), and a 14.1% increase compared to December 2016 (6,345). There were 4,140 homes listed for sale listing in Metro Vancouver last month, a decrease of 6.8% compared to the 4,442 new listings reported in January 2016 and a 215.5 per cent increase compared to December 2016 when 1,312 properties were listed.
Benchmark Price: $896,000. This represents a 3.7 per cent decline over the past six months and a 0.2 per cent decrease compared to December 2016. The benchmark price for detached properties is $1,474,800. This represents a 6.6 per cent decline over the last six months and a 0.6 per cent decrease compared to December 2016. The benchmark price for condos is $512,300. This represents a 0.3 per cent increase over the last six months and a 0.4 per cent increase compared to December 2016.
Median Days on Market: 22 days vs 14 days in January 2016. If we take a closer look at Downtown Vancouver, the Median Days on Market was 13 days in January 2017 vs 20 days in December 2016. For more information about your neighbourhoods’ sales and price statistics, I strongly encourage you to download the latest SnapStats Report.