2017 is off to a quieter start than usual in the Metro Vancouver real estate market. January sales were 10.3% below the 10-year average for the month. Compared to 2016 which exploded onto the market with record-breaking sales, buyers and sellers appear to be exercising caution as we enter the new year.
However, “Conditions within the market vary depending on property type,” said Dan Morrison, Real Estate Board of Vancouver president. “The townhome and condominium markets are more active than the detached market at the moment. As a result, detached home prices declined about 7% since peaking in July, while townhome and condominium prices held steady over this period.”
1,523 residential properties sold last month, a 39.5% decrease from the 2,519 sales in January 2016 and a 11.1% decrease from the 1,714 sold in December 2016.
New Listings (detached, attached, and apartment): 4,140
6.8% decrease from January 2016
215.5% increase from December 2016
Total Active listings on MLS®: 7,238
9.1% increase from January 2016
14.1% increase from December 2016
Sales-to-Active Listings Ratio: 21%
Benchmark price for all residential properties: $896,000
0.2% decrease from December 2016
Benchmark price for a detached property is $1,474,800
6.6% decline over the past 6 months
0.6% decrease from December 2016
Detached property sales totaled 444
57.6% decrease from January 2016
Benchmark price for an apartment property is $512,300
0.3% increase over the past 6 month
0.4% increase from December 2016
Apartment property sales totaled 825
24.7% decrease from January 2016
Benchmark price for an attached unit is $666,500
0.4% decrease over the past 6 months
0.7% increase from December 2016
Attached property sales totaled 254
32.4% decrease from January 2016
If you’re interested in seeing the complete breakdown, visit rebgv.org for all of the detailed comparisons. Want some advice on how your home fits in? Call us for a consultation today!
*REBGV Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.
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