April 2018 - Market News
Market Stats: Residential Detached
Source: Real Estate Board of Greater Vancouver
March 2018 Stats
Metro Vancouver’s home sales decreased nearly 30% in March and sales stats reflected the lowest first quarter sales in 5 years. Last month’s sales were 23% below the 10 year March sales average. In spite of tighter mortgage restrictions, rising interest rates and new tax announcements, low inventory continues to put upward pressure on prices, particularly in condos and townhomes.
North Vancouver’s gross sales declined 28% since March, 2017 from $188,314,459 to $134,075,569. Sold year to date stats also dropped 29% from 220 to 155. North Vancouver did report a 30% increase in active listings for detached homes, from 240 in March, 2017 to 313 for March, 2018. Benchmark price creeped up 7.8% from $1,575,500 to $1,723,200.
West Vancouver reported a sharp decline in overall gross sales (down 61%) in March from $205,314,800 to $79,560,619. A 42% drop in sold to date stats was reported from 114 to 65. Active listings remained up 19% from 388 to 464. The Benchmark price for March did increase slightly, up 4.5% from $2,961,800 to $3,115,400.
Vancouver West saw gross sales weaken with a 32% decrease from one year ago. Gross sales were at $370,693,600 in March, 2017 and dropped to $177,675,888 for March, 2018. Active listings were up 37% yet the year sold to date decreased 32% from224 to 152. Benchmark price remained intact with the Benchmark price for a detached home on the West side of Vancouver at $3,449,000 for March, 2018 from $3,4961,700 in March, 2017.
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.Benchmark Price: Estimated sale price of a typical property, based on a set of common qualities of homes within each market.
There is a lot going on in the market these days. If you are thinking of buying or selling a home give me a call and I would be happy to help. I am always happy to help.