Steady Sales and Diminished Listings Characterize Vancouver Real Estate Market Report December 2017

Home sales for Vancouver Real Estate Market Report December 2017 in Metro Vancouver were 9.7% above the 10 year sales average. The sales-to-active listings ratio for December 2017 in Vancouver was 18.3%: by property type, detached homes: 11%, Townhouses: 24.9%, and Condos: 56.6%. Analysts suggest that downward pressure on home prices occur when the ratio falls below the 12% mark for a sustained period, and an upward pressure when it remains over 20%. Total number of properties listed for sale in 2017 (54,655) on the MLS in Greater Vancouver decreased 5.1% compared to 2016 and a 4.5% decrease compared to 2015.

“It was a steady year for home sales across the region, led by condominium and townhome activity, and a quieter year for home listings,” Jill Oudil, REBGV president said. “Metro Vancouver home sales were the third highest we’ve seen in the past ten years while the home listings total was the second lowest on record for the same period.”

A Look at the Vancouver Housing Stats

Your Vancouver Real Estate Market Report December 2017 median sales price of Condos in Vancouver was at $717,000 up 15.6% from a year ago. Townhouse in Vancouver median sales price $1,189,000 up 28.3% from a year ago.  Detached single family homes median sales price was $1,970,000 up 1.8% from a year ago. Total December 2017 inventory: Vancouver Condos 650 down 31.7% from a year ago, Townhouses 169 up 18.2%, and detached homes 1,140 up 9.9% from a year ago.  The average time a Vancouver property was on the market is 27 days, down 25% from a year ago.

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Vancouver Housing Stats That are Important to You

The Condo Market HPI* – Live Feed

The Detached Home Market HPI – Live Feed

The Townhouse Market HPI – Live Feed

Average Days on Market – All Properties

What Does this All Mean – Vancouver Real Estate Market Report – December 2017?

Analyzing all this data can be confusing, each neighbourhood is going to be different from the other.  Let me be your guide in understanding the Vancouver real estate market and your neighbourhood much better with a detailed report.  Reach out to me now to help you with your real estate needs.

What Does this Mean if you are Buying a Property in Vancouver?

These times in Vancouver purchasing a property can be challenging.  Condos and Townhouses especially, have been in the hot seat for the last year, with 6 out of every 10 selling these days, you are sure to go up against competitive buyers wanting the same property you want.  Detached single family homes have slowed down due to affordability, with 2 out of every 10 homes selling these days, buyers are able to be more selective with the homes they want knowing there is less competition out there.

With having an ample supply of statistics for solds and active properties I can best help you with an offering price that would most likely get you the property you want on your terms and conditions. Lets start this process today, sign up below, to discuss your options.

What Does this Mean if you are Selling a Property in Vancouver?

Think back to 2 years ago when anything and everything that went on the market for detached single family homes, sold. That market has changed today, many home owners are now staging their property to get its full potential value. On average, detached single family homes are getting 97.2% of the asking price. Condos and Townhouses are experiencing more interest than detached single family homes due to affordability.

Realtors have to be on the ball with having skill and techniques to maneuver through the many facets of home selling, it’s not as easy as just putting a sign on the lawn expecting a mad rush of buyers at an open house these days.  Relying on and trusting your realtor to get you the most amount of money is critical for you to ensure you move on to where you need to go.  Allow me to show you some of my clients testimonials, it speaks very clear on my performance. No two transactions are alike, and you need someone who’s on the top of their game to help you. Get in contact with me today to start this process, Find out what your home is worth.

Real Estate Terms You Should Know

Home Price Index*?

The MLS® Home Price Index is modelled on the Consumer Price Index which measures the rate of price change for a basket of goods and services including food, clothing, shelter, and transportation.

Instead of measuring goods and services, the HPI measures the change in the price of housing features. Thus, the HPI measures typical, pure price change (inflation or deflation).

Not your ‘Average’ price

The HPI benchmarks represent the price of a typical property within each market. The HPI takes into consideration what averages and medians do not – items such as lot size, age, number of rooms, etc. These features become the composite of the ‘typical house’ in a given area.

Each month’s sales determine the current prices paid for bedrooms, bathrooms, fireplaces, etc. and apply those new values to the ‘typical’ house model.

Andrew Szalontai, Vancouver Realtor

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