Greater Vancouver Housing Market – Current Statistics for July 2017
Here is a quick summary of what happened in the Vancouver real estate market during the month of July. 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
Hope that you have had a great summer so far!
Although the home buyer activity returned to a more typical summer levels, for the first time ever, the benchmark of a home in Metro Vancouver exceeded $1 million, hitting $1,019,400 in July.
The sales for July 2017 decreased by 8% compared to July 2016. Last month’s sales were 0.7 per cent above the 10-year June sales average.
The sales-to-active listing ratio for Condos clearly surpassed the sales-to-active ratio for Detached homes.
The sale activity decreased to more historically normal levels in July. As a result, the inventory level of homes for sale in the region was able to edge above 9,000 for the first time this year
The Condo and Townhome prices are rising up faster than the other products in the market with an increase of 11.9% (Townhomes) and 18.5% (Condos) compared to 1.9% for the Detached homes.
It takes twice as much time to sell Detached Homes vs Condos.
The moderate demand and increasing supply of Detached Homes reflects that.
On the other hand, the supply level of Condos remains very low and the demand is rising, which explains why the prices have risen by 18.5% vs 1.9% for Detached Homes!
***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 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.
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 and enjoy the last days of the summer before Labor Day!
“Housing demand is inconsistent across the region right now. Pockets of the market are still receiving multiple offers and others are not. It depends on price, property type, and location,” Jill Oudil, REBGV president said. “For example, it’s taking twice as long, on average, for a detached home to sell compared to both townhomes and condominiums.”
“Because home sale activity decreased to more historically normal levels in July, the selection of homes for sale in the region was able to edge above 9,000 for the first time this year,” Oudil, said.
Percent of Original List Price Received at Sales: 100% for the last four months vs 98% in January 2017.
Sales-to-Active-Listings Ratio: 30.8% vs 33% in July 2016 and 61% in March 2016. The Sales-to-Active-Listings Ratio was 19% in January 2017. By property type, the ratio is 16.9 per cent for detached homes, 44.9 per cent for townhomes, and 62 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 51% in Downtown Vancouver and 10% in Vancouver Westside for the Detached Home Market. The Sales Ratios for the Detached Home Market in Port Coquitlam was at 43% followed by Maple Ridge at 42%. The sales ratio in North Vancouver was at 26% compared to Coquitlam at 23%, New Westminster at 22%, Richmond and East Vancouver at 14% and Burnaby at 11%.
Total Inventory: 9,194 a 10.1 per cent increase compared to July 2016 (8,315) and a 8 per cent increase compared to June 2017 (8,515). There were 5,256 homes listed for sale listing in Metro Vancouver last month. This represents an increase of 0.3 per cent compared to the 5,241 units listed in July 2016 and a 8.1 per cent decrease compared to June 2017 when 5,721 properties were listed.
Benchmark Price: $1,019,400. This represents a 8,7 per cent increase over July 2016 and a 2.1 per cent increase compared to June 2017. The benchmark price for detached properties is $1,612,400. This represents a 1.9 per cent increase over the last 12 months and a 1.5 per cent increase compared to June 2017. The benchmark price for condos is $616,600. This represents a 18.5 per cent increase over the past 12 months and a 2.7 per cent increase compared to June 2017.
Median Days on Market: 11 days vs 10 days in June. 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 9 days vs 8 days in June. For more information about your neighbourhoods’ sales and price statistics, I strongly encourage you to download the latest SnapStats Report.