“Demand remains elevated and listings scarce in the attached and apartment markets across Metro Vancouver,” Real Estate Board of Vancouver president, Jill Oudil, remarked on the numbers that categorized the first month of 2018. Residential home sales were 7.1% above the 10-year average for January. While by property type, detached sales were 24.8% down from the 10-year average for the same period and attached sales 14.3% up, as were apartment sales at a 31.6% increase.
“Buyers in the detached market are facing less competition and have much more selection to choose. For detached home sellers to be successful, it’s important to set prices that reflect today’s market trends,” she cautioned those looking to sell their Vancouver property this year.
Total Homes Listed for Sale (detached, attached, and apartment): 1,818
9.8% decrease from December 2017
19.4% increase from January 2017
New Property Listings (detached, attached, and apartment): 3,796
100.7% increase from December 2017
8.3% increase from January 2017
Total Property Listings (detached, attached, and apartment): 6,947
0.2% decrease from December 2017
4.0% decrease from January 2017
Sales-to-Active Listings Ratio: 26.2%
Detached: 11.6%
Townhomes: 32.8%
Apartments: 57.2%
Benchmark price for all properties is $1,056,500
16.6% increase from January 2017
0.6% increase from December 2017
Benchmark price for a detached property is $1,601,500
0.3% decrease from December 2016
8.3% increase from January 2017
Detached property sales totaled 487
9.7% increase from January 2017
Benchmark price for an apartment property is $665,400
1.5% increase from December 2017
27.4% increase from January 2017
Apartment property sales totaled 1,012
22.7% increase from January 2017
Benchmark price for an attached unit is $803,700
Unchanged from December 2017
17.5% increase from January 2017
Attached property sales totaled 319
25.6% increase from January 2017
If you’re interested in seeing the complete breakdown, visit rebgv.org for all of the detailed comparisons. Oudil suggests navigating this seller’s market with savvy advice from your Realtor. 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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