East Vancouver Condos Outperform Houses and Townhomes in January 2017 with an increase in average sale price. Overall listings increased slightly but sales declined. The real estate market has returned to being better balanced. Clearly condos are benefiting from the affordability factor.
Listings – listings bottomed in Dec’15 at 500 and now sit at 841, up 37% from a year ago. Houses sit at 624,up 81% from a year ago the highest inventory since Aug’13.Townhomes are 35, down 3% from a year ago and condos are 182, down 21% from a year ago. Condo and Townhome supply is at an all time low.
New Listings – increased for all property types
Sales – 136 for the month and continued on a downward trend and equal to Dec’08. Down 30% from last January.
Average Days on Market – 37 which is 5% less than a year ago. Houses 55. Townhomes 42 and condos take 23 days to sell.
Percentage of Original Price – houses sell at 96% , which is 6.6% less than a year ago. Townhomes sell at 101% which is equal to a year ago and condos sell at 101% which is also equal to a year ago.
Sales to Active Ratio – 16% overall which is 50% less than a year ago. Only 8% of houses listed are selling 22% of townhomes and 41% of condos.
Average Sale Price – levelled at $900,000 but houses continue to drop, now down to $1.393.000 , compared to $1.447.000 the previous month and 7.5% less than a year ago. Townhomes sit at $731,000, down from $814,000 the previous month and 7.5% less than a year ago. Condos are $580,000, up 31% from a year ago and up from $543,000 in Dec’16.
Dollar Volume – continues to decline and is now 36% less than a year ago. The lowest it’s been since Nov’12.
View the average sale price graph for the last 5 years
as per stats from REBGV Feb 3/17.
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