Greater Vancouver Housing Market – Current Statistics for March 2017
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 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 March was a busy month for a lot of us and I can’t stress enough the importance of being prepared to win in a multiple offer scenario. Here is a little trick and gift from me to you if you are thinking about buying: write a personal letter to the Seller. I can count at least 4 recent transactions where the letter made the impact to win. Private message me if you want to get a template.
As you can see below, the market is really driven differently when we compare the Detached Market vs the Attached Market. The condo market is pretty healthy and reflects a strong Seller market.
Overall, there is a definite lack of new listings coming to the market.
And the prices are up 5% compared to 6 months ago.
***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 Happy Easter!
A shortage of residential property listings coupled with strong demand, particularly for condos and townhomes, continued to impact Metro Vancouver’s housing market in March.
“While demand in March was below the record high of last year, we saw demand increase month-to-month for condos and townhomes,” Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president said. “Sellers still seem reluctant to put their homes on the market, making for stiff competition among home buyers.”
“Home prices will likely continue to increase until we see more housing supply coming on to the market,” Oudil said.
Percent of Original List Price Received at Sales: 99.4%, vs 99% in February 2017 and 97.3% in December 2016.
Sales-to-Active-Listings Ratio: 44.9% vs 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 March 2017 was 73% in Downtown Vancouver and 18% in Vancouver Westside for the Detached Home Market. The Sales Ratio for the Detached Home Market in North Vancouver was 42%, one of the highest Sales Ratio in the region. Port Coquitlam was the winner at 64% and Maple Ridge was at 54%. Coquitlam was at 41%.
Total Inventory: 7,586 an increase of 3.1% compared to March 2016 (7,358), and a 0.1 per cent decrease compared to February 2017 (7,594). There were 4,762 homes listed for sale listing in Metro Vancouver last month. This represents a 24.1 per cent decrease compared to the 6,278 units listed in March 2016 and an 29.9 per cent increase compared to February 2017 when 3,666 properties were listed.
Benchmark Price: $919,300. This represents a 0.8 per cent decrease over the past six months and a 1.4 per cent increase compared to February 2017. The benchmark price for detached properties is $1,489,400. This represents a 5.0 per cent decrease over the past six months and a one per cent increase compared to February 2017. The benchmark price for condos is $537,400. This represents a 5.2 per cent increase over the past six months and a 2.1 per cent increase compared to February 2017.
Median Days on Market: 11 days vs 9 days in March 2016. 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 in March 2017 vs 10 days in February 2017. For more information about your neighbourhoods’ sales and price statistics, I strongly encourage you to download the latest SnapStats Report.