Greater Vancouver Housing Market – Current Statistics for June 2017
Here is a quick summary of what happened in the Vancouver real estate market during the month of June. 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
The month of June was once again very active and very hot. The market was mainly driven by sales of Condos and Townhomes.
I had the chance to help clients buy and sell couple properties in what I considered a “remote area” to me…which is Maple Ridge (haha don’t get me wrong…I love the area) and I was amazed by the competitive market in that region.
The Real Estate “culture” was very different as Realtors were taking offers “as they come in” vs waiting after the Open Houses. Consequently, the pressure was heightened for my Buyers as they couldn’t afford to wait a long time before making an offer. Financial preparation was key as well as using an arsenal of strategies to win. The end result? We were ready and prepared. We put an offer on the properties the very first day that they were introduced in the market and we won!
Thankfully, we can wait a little longer in Vancouver area and I can’t stress enough how Buyers have to position themselves to win in this very competitive market. Connect with me if you wish to chat and get some extra tools.
Also, if you wish to recollect the “9 Effective Strategies To Win As A Buyer” that I have shared last month, contact me and I will be happy to share it to you.
Last month’s sales were 15 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.
We have seen a decrease of listings in June vs May. The inventory level is still below what we have seen in June 2016.
The Condo and Townhome prices are rising up faster than the other products in the market with an increase of 10.7% (Townhomes) and 17.6% (Condos) compared to 1.4% for the Detached homes.
One of the main factors that explains the higher increase in price for Condos is the big difference of supply levels of Condos vs Detached homes over the years.
There is a definite imbalance of supply in 2017 vs 2014 and 2015. The supply level of Condos is more than half the size of the supply level of 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 have a great BC Day!
The imbalance between supply and demand in the condominium market is creating home buyer competition across Metro Vancouver.
“Two distinct markets have emerged this summer. The detached home market has seen demand ease back to more typical levels while competition for condominiums is creating multiple offer scenarios and putting upward pressure on prices for that property type,” Jill Oudil, REBGV president said.
“Home buyers have more selection to choose from in the detached market today while condominium listings are near an all-time low on the MLS®,” Oudil said. “Detached home listings have increased every month this year, while the number of condominiums for sale has decreased each month since February.”
“Market conditions will vary today depending on area and property type,” Oudil said. “It’s important to work with your local REALTOR® to help you understand the trends that are occurring in your community.”
Sales-to-Active-Listings Ratio: 44% vs 47% in June 2016 and 61% in March 2016. The Sales-to-Active-Listings Ratio was 19% in January 2017. A seller’s market typically occurs when this ratio exceeds 20 per cent for a sustained period of time. ***The Sales Ratio in June 2017 was 64% in Downtown Vancouver and 17% in Vancouver Westside for the Detached Home Market. The Sales Ratios for the Detached Home Market in New Westminster and North Vancouver were at 39%. Port Coquitlam and Maple Ridge continued to be the winners at 77% and 53% respectively followed by Coquitlam at 38% and Port Moody at 26%.
Total Inventory: 8,515 a 9 per cent increase compared to June 2016 (7,812) and a 4.2 per cent increase compared to May 2017 (8,168). There were 5,721 homes listed for sale listing in Metro Vancouver last month. This represents a decrease of 2.6 per cent compared to the 5,875 units listed in June 2016 and a 5.3 per cent decrease compared to May 2017 when 6,044 properties were listed.
Benchmark Price: $998,700. This represents a 7.9 per cent increase over June 2016 and a 1.8 per cent increase compared to May 2017. The benchmark price for detached properties is $1,587,900. This represents a 1.4 per cent increase over the last 12 months and a 1.1 per cent increase compared to May 2017. The benchmark price for condos is $600,700. This represents a 17.6 per cent increase over the past 12 months and a 2.9 per cent increase compared to May 2017.
Median Days on Market: 10 days for the last two months vs 11 days for April, March and February 2017. 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 8 days for the last two months vs 9 days in April and March. For more information about your neighbourhoods’ sales and price statistics, I strongly encourage you to download the latest SnapStats Report.