January Update

(February 03, 2017 )

January is typically a "cooler" month for real estate transactions so possibly too early to tell. Sales are average and the market for detached home sales are slightly down, however townhomes and condos are consistent. 
From a real estate perspective, it’s a lukewarm start to the year compared to 2016

Last months sales were 10.3 per cent below our 10-year sales average.

While 2016 has been anything but a normal year for the Metro Vancouver housing market, supply & demand totals have returned to some-what normal levels over the last few months. 

The total number of homes currently listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver is 7,238, a 9.1 per cent increase compared to January 2016 (6,635) and a 14.1 per cent increase compared to December 2016 (6,345). 

The sales-to-active listings ratio for January 2017 is 21 per cent. This is the lowest the ratio has been in the region since January 2015. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

Taking a closer look at the North Shore the numbers certainly say that there is a change in our market but have still headed in a upward direction in pricing. There no question that the detached market is slower however when a home in a good location and condition, listed at fair market value comes on to the market, it sells quickly.

The same can be said for condo's and town homes. Here are the facts:

NORTH VANCOUVER
Detached Homes Benchmark $1,564,200
1yr change +15.7%
3yr change +64.6%
5yr change +65.9%

Townhome Benchmark $840,600
1yr change +18.5%
3yr change +42.3%
5yr change +41.1%

Apartment Benchmark $452,100
1yr change +15.2%
3yr change +29.3%
5yr change +34.4%

WEST VANCOUVER
Detached Benchmark $2,907,100
1yr change +9.3%
3yr change +53.0%
5yr change +61.1%

Apartment Benchmark $892,500
1yr change +19.5%
3yr change +55.0%
5yr change +51.1%

Contact Lara + Leanne if you want to look closer at other areas & the stats.