Steady Sales and Low Inventory Throughout 2017
After reaching record sales levels in 2015 & 2016, Metro Vancouver home sales returned to more normal levels in 2017. Home listings numbers, came in several thousand below the typical levels (Low Inventory).
Sales of detached, attached and apartments were down -9.9% from 2016 and down-15% over 2015. Still, looking at the 10yr average sales were up 9.7%.
While Metro Vancouver sales were the 3rd highest we've seen in the past 10yrs the home listings total was the 2nd lowest on record.
The year was steady for home sales - led by condominium & townhome sales.
Home listings were down -5.1% over 2016 & -4.5% over 2015.
The activity was different this year. While townhomes & apartments were consistently in multiple offer situations, detached homes were in a balanced state, giving buyers more selection to choose from and time to make decisions.
Overall we have strong economic growth, very low interest rates, declining unemployment, increasing wages and a growing population all helping home buyer home buyer demand.
NORTH SHORE STATS:
Detached Benchmark Price $1679,700
1yr change +5.2%
3yr change +59.7%
5yr change +81.7%
Townhomes Benchmark Price $982,800
1yr change +16.1%
3yr change +58.6%
5yr change +70.8%
Apartments Benchmark Price $560,600
1yr change +22,2%
3yr change +53.5%
5yr change +62.4%
Detached Benchmark Price $3,093,200
1yr change +4%
3yr change +53.0
5yr change +73.6%
Apartments Benchmark Price $1,171,000
1yr change +19.5%
3yr change +63.4%
5yr change +65.0%
If you'd like more info on other Greater Vancouver areas contact Leanne @ 604-506-3455.