Greater Vancouver Housing Market – Current Statistics for March 2014
Here is a quick summary of what happened in the Vancouver real estate market during the month of March. If you would like a complimentary copy of the complete 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
Bonjour dear Friends!
Number of Sales: 2,641 or 12.5% increase compared to 2,347 sales recorded in March 2013. March had 4.4% increase in sales compared to the 2,530 sales in February 2014. Last month’s sales were 17.2% below the 10-year sales average for March of 3,190.
Percent of Original List Price Received at Sales: 96.7%, which is 1.2% higher than March 2013 at 95.5%.
Sales-to-Active-Listings Ratio: 18%, a 24.4% increase from last year in March, which also consistent with a balanced market condition and a great improvement vs a Buyer market condition with 14.6% in March 2013. We have been in a balanced market for roughly a year now. 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: 14,472, a decline of 6.34% compared to this time last year, and an increase of 7.9% compared to February 2014. This is the third consecutive month the inventory figure has increased, which means there is an increasing number of homes available for buyers. There were 5,281 homes listed for sale listing in Greater Vancouver last month, an increase of 9.1% compared to March 2013 and a 12.4% increase compared to February 2014.
Benchmark Price: $615,200, an increase of 3.7% over March 2013. Detached homes prices increased by 4.3% and condos increased by 3.8% over the last year.
Average Days on Market: 47 days vs 57 days in March 2013. If we take a closer look at Downtown, the average days on market was 17 days vs 20 days in February 2014. 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.
ECONOMIC & REAL ESTATE NEWS
Bank of Canada overnight rate remains steady at 1%
The overnight rate will remain at 1%, the Bank of Canada announced April 16, keeping it at the same level it has been since September 2010. Read more
Metro Vancouver House Prices See March Gains as Most of Canada Falls Flat.
While average home prices remained flat throughout most of Canada, Metro Vancouver saw a big year-over-year gain in the month of March, according to the Teranet–National Bank Composite House Price Index. Read more or watch related video
Scenery, Climate Driving Foreign Investment in Vancouver Real Estate
“Vancouver’s temperate climate, its social, cultural and economic links to mainland China and stunning scenery have driven a market that is considerable healthier compared with the same time last year,” the report said. Read more
Vancouver is World’s Second-Most “Resilient” City for Real Estate
The top three cities in the world for long-term real estate investment, ranked in terms of resilience, are in Canada, and Vancouver takes the number two spot, according to a report issued by Grosvenor Group. Read more
How to Sell Your Home Fast & Use SnapStats?
Price it right! As I previously mentioned in my newsletters of the past few months, a well-priced property is the most effective can sell really fast. I constantly used the SnapStats report to check the Price Band Sales Ratios of the homes listed in the market as well as the Sales Ratio of the neighborhoods because it helps Sellers and Buyers identify the price pressure of the properties they want to Sell or Buy.
It is in my own opinion that 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. The best way to understand your local market trends and get your home sold is to contact your Real Estate agent. The inventory of homes is still currently low and Vancouver is a great Real Estate market with Buyers ready to buy. Thinking of selling in the spring? Don’t wait, contact me and sell it now!
Not only you get the SnapStats report on Vancouver Downtown, Vancouver Westside, Vancouver Eastside, North Vancouver, West Vancouver and Richmond but also you get statistics from GRD including Burnaby, New Westminster, Coquitlam, Port Coquitlam, Port Moody, Pitt Meadows and Maple Ridge. Also, check out the new feature “Sale Price SQFT” Feel free to pass along to your friends and family!
To access the complete SnapStats report (PDF) for the month of March 2014 for your specific neighborhood and area, please give me a call at 778-558-9948 or email me at email@example.com
How to Read The Report? The SnapStats report will give valuable information and the answer the following questions:
***Sales Ratio over 21% is considered a Seller Market
***Sales Ratio of below 14% is officially a Buyer market