May 2017 - Market News
Benchmark Prices Continue To Raise Despite Shrinking Sales
The number of home sales in Metro Vancouver continued to decrease in April with many in and out of the industry ready to speculate on the future of real estate in Vancouver. Given the bid wars and amount of prospective buyers attending open houses we do know that demand is still very high.
Gross Sales were down on the North Shore as well as Vancouver West. North Vancouver fell 24% which brought their Gross Sales from $300,788,914 to $226,839,531. West Vancouver stumbled down 39% from one year ago from $434,360,546 to $264,902,885 in overall gross sales. Vancouver West was hit with a 58% decline from an unprecedented $963,291,614 to $401,549,157 in April.
Overall Units Sold for April also slipped with a 31% decrease for North Vancouver (from 160 to 110) and a 41% drop for West Vancouver (from 113 to 66). Vancouver West saw a 52% decrease in Units Sold with 230 units sold in April 2016 to 109 of this year.
Overall sales figures and units available may be in fact lower than one year ago but Benchmark prices keep flourishing. With the exception of West Vancouver, when we compare Benchmark prices for the past three years, the prices have steadily increased despite the decrease in overall sales and listings (West Vancouver remained virtually unchanged from one year ago, yet had a 31% increase from April 2015 to April 2016).
|
|
April 2017 |
April 2016 |
April 2015 |
|
North Vancouver Benchmark |
$1,599,300 |
$1,422,900 |
$1,383,300 |
|
West Vancouver Benchmark |
$2,980,700 |
$2,928,200 |
$2,740,046 |
|
Vancouver West Benchmark |
$3,495,800 |
$3199,600 |
$2,490,600 |
Government policy changes, foreign buyer’s tax, Vancouver’s empty home tax as well as an uncertain global market have fueled nervousness amongst home buyers and sellers. Although we must remember that we are comparing sales figures to those of historic highs from last year, which was a record setting time in our region.
Please see below for more detailed market information on specific areas. Navigating the Vancouver real estate market is what I specialize in. If you are thinking of buying or selling your home give me a call, I’d love to help.Market Stats: Residential Detached.
Source: Real Estate Board of Greater Vancouver
North Vancouver
|
|
April 2017 |
April 2016 |
% Increase |
|
Gross Sales |
$226,839,531 |
$300,788,914 |
-24% |
|
Units Listed |
162 |
193 |
-16% |
|
Units Sold |
110 |
160 |
-31% |
|
Sold- Year to Date |
330 |
567 |
-41% |
|
Avg Price/Unit |
$2,062,177 |
$1,879,930 |
9% |
|
Active Listings |
254 |
168 |
51% |
|
Benchmark Price |
$1,599,300 |
$1,422,900 |
7.5% |
|
Price Index (HPI) |
254.6 |
226.5 |
7.5% |
West Vancouver
|
|
April 2017 |
April 2016 |
% Increase |
|
Gross Sales |
$264,902,885 |
$434,360,546 |
-39% |
|
Units Listed |
160 |
215 |
-25% |
|
Units Sold |
66 |
113 |
-41% |
|
Sold- Year to Date |
180 |
482 |
-62% |
|
Avg Price/Unit |
$4,013,680 |
$3,843,898 |
4% |
|
Active Listings |
388 |
327 |
18% |
|
Benchmark Price |
$2,980,700 |
$2,928,200 |
1.8% |
|
Price Index (HPI) |
283.4 |
278.4 |
1.8% |
Vancouver West
|
|
April 2017 |
April 2016 |
% Increase |
|
Gross Sales |
$401,549,157 |
$963,291,641 |
-58% |
|
Units Listed |
241 |
349 |
-30% |
|
Units Sold |
109 |
230 |
-52% |
|
Sold- Year to Date |
333 |
809 |
-58% |
|
Avg Price/Unit |
$3,683,937 |
$4,188,224 |
-12% |
|
Active Listings |
592 |
558 |
6% |
|
Benchmark Price |
$3,495,800 |
$3,199,600 |
9.3% |
|
Price Index (HPI) |
358.9 |
328.5 |
9.3% |
Benchmark Price: Estimated sale price of a typical property, based on a set of common qualities of homes within each market.
Price Index (HPI): Index numbers estimate the percentage change in price on typical and constant quality properties over time. All figures are based on past sales.604 220-6249
