Greater Vancouver’s Real Estate prices and sales decline in Janaury 2017. Overall the average sale price is down 19% from a year ago ($1.106.000 to $881.900) Listings turned up slightly. The market is returning to being better balanced.
Listings – were 6,482 in December and moved to 7,421 in January. They are 0.9% less than a year ago.
New listings -increased in January but are 7% lower than a year ago.
Sales peaked in Mar’16 at 5,067 and January had 1,503, a 39% decline and equal to Jan’12. Houses are down 57% from a year ago, townhomes 31% and condos 24%. The market hit bottom in January 2009 with 746 – after the Wall Street Crash.
Sales to active ratio is only 10% for houses, 28% for townhomes and 37% for condos. Analysts say that upward pressure on prices occurs when the ratio is above 20% and downward pressure when is it below 12%. The peak was March at 65%, currently it is 23% overall and is down 38% from a year ago.
Best Selling Price Range – condos $300,000-$500,000. Townhomes $500,00-$600,000 and houses over $900,000-$1M.
Average days on market sits at 43 and continues to climb. Houses are taking the longest to sell, with an average of 58, townhomes are 43 and condos 35 The peak was January 2009 with an average of 76 days to sell and the bottom was June 2016 at 22.
Percentage of original price – houses sit at 95%, townhomes at 98% and condos at 98%. April was the top at 104% and it now sits at 97.5%. Dec’16 was the bottom
Dollar volume hit a record in March this year at 1,587,730,189 and has been on a downward trend since, now at 1,325,618,338, a 50% drop from a year ago
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updated November 5, 2016 as per REBGV stats