January 2016 Housing Update

(February 04, 2016 )

If you have a house up for sale & it's not selling.... there's a reason. Buyers are flinging money at purchasing homes like we have never seen before!! This is a market where houses are in short supply and the buyer demand is at record heights so there is no real excuse for your home not to sell other than your price is too high. If there is no meeting of the minds between Buyer & Seller, there will be no sale.

So let's go back to basics, we all understand that no two homes are the same. That is why we have to look at the SOLD home prices, this is key to understanding your homes market value and determine the differences. You can ask whatever you want for your home, it does not mean your going to get it even in today’s buyer's craze. The most common factors to market value are location, view, interest rates and economy. Consider what's around you? Power lines? Highway's? Train noise? Redevelopment? Local amenities? It’s important to listen to the experts, we have the best understanding of neighborhoods, street by street.
Lookng to list, call us for your complimentary evaluation today.



STATISTICS

  • Last months sales were 46% above the 10 year average (2nd highest January on record)
  • Total number of properties currently listed for sale on the MLS system in Metro Vancouver has declined 38.6% over 2015
  • Sales to active listings ratio 38% (analysts say that downward pressure on home prices occurs when the ratio dips below the 12% mark, while home prices often experience upward pressure when it reaches the 20-22% range for a sustained period of time.
  • Sales of detached properties in January increased 34.1%
  • Sales of apartments increased 35.5%
  • Sales of townhomes increased 16.4%

North Vancouver
Detached Homes Benchmark $1,376,400
1yr change up 31.4%
3yr change up 49.7%
5yr change up 62.5%
Townhouse Benchmark $702,700
1yr change up 15.9%
3yr change up 25%
5yr change up 27.4%
Apartments Benchmark $399,500
1yr change up 10%
3yr change up 17.6%
5yr change up 17.6%
West Vancouver Benchmark $2,756,800
1yr change up 32.2%
3yr change up 52%
5 yr change 81%
Apartments Benchmark $788,600
1yr change up 22.9%
3yr change up 29.5%
5yr change up 30.1%