Home sales for Vancouver Real Estate Market Report February 2018 as reported by Jill Oudil, REBGV president.
“Rising interest rates and stricter mortgage requirements have reduced home buyers’ purchasing power, particularly for those at the entry level of our market,” Jill Oudil, REBGV president said. “Even still, the supply of apartment and townhome properties for sale today is unable to meet demand. On the other hand, our detached home market is beginning to enter buyers’ market territory.”
- 1 Demand of Home Buyers – Not So Hot this Month – Vancouver Real Estate Market Report February 2018
- 2 A Look at the Vancouver Housing Stats
- 3 Downtown Vancouver Condo Niche to Watch Out For
- 4 Vancouver Housing Stats That are Important to You
- 5 What Does this All Mean – Vancouver Real Estate Market Report February 2018?
- 6 Real Estate Terms You Should Know
- 7 Get in Touch with Andrew Now... Quick and Easy!
Demand of Home Buyers – Not So Hot this Month – Vancouver Real Estate Market Report February 2018
Home sales for Vancouver Real Estate Market Report February 2018 in Metro Vancouver dipped below the 10 year February average. The sales-to-active listings ratio for February 2018 in Vancouver was 28.2%. By property type, Detached Homes: 13%, Townhouses: 36.7%, and Condos: 59.7%. Analysts suggest 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 currently listed for sale in February 2018 is 7,822 on the MLS in Greater Vancouver. The MLS saw an increase of 3% compared to February 2017 (7,594) and a 12% increase compared to January 2018 (6,947).
A Look at the Vancouver Housing Stats
Your Vancouver Real Estate Market Report February 2018 median sales price of Condos in Vancouver was at $785,000 up 22.5% from a year ago. Townhouses in Vancouver median sales price $1,144,000 up 10.5% from a year ago. Detached Homes in Vancouver median sales price was $2,065,000 down 9.4% from a year ago. Total February 2018 inventory – Vancouver Condos 851 down 23.7% from a year ago, Townhouses 201 up 14.2%, and detached homes 1,436 up 9% from a year ago. The average time a Vancouver property was on the market is 25 days, equal from a year ago.
Downtown Vancouver Condo Niche to Watch Out For
Being an expert in the Vancouver Condo market, I get to see what happens daily. I am able to use tools to identify hot spots that are a benefit to you. With Predictive Analysis, Artificial Intelligence, and a personal understanding of the markets. I offer my opinion on the Vancouver Condo Hot Spots i feel will be a great buy. Yaletown Lofts and Coal Harbour Penthouses.
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 February 2018?
Analyzing all this data can be confusing, each neighbourhood is going to be different from the other. Let me be your guide to 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 5 out of every 10 homes 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 1 out of every 10 homes selling these days, buyers are able to be more selective with the homes they want knowing there is minimal 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.