April 2017 - Market News
Market Stats: Residental Detached
March Overview: Demand Remains High
Source: Real Estate Board of Greater Vancouver
Metro Vancouver’s housing market was effected yet again by a lack of property listings combined with strong demand, specifically for condos and townhomes.
“While demand in March was below the record high of last year, we saw demand increase month-to-month for condos and townhomes,” Jill Oudil, Real Estate Board of Greater Vancouver president said. “Sellers still seem reluctant to put their homes on the market, making for stiff competition among home buyers.”
North Vancouver had a decrease of 38% in gross sales compared with March 2016. Units listed were also down 21% from 197 to 154 for March 2017. Sold year to date numbers dropped 45% from 407 to 220. Interestingly we did see an increase of 39% for active listings from 172 in March 2016 to 240 in March 2017. Benchmark price rose 10.7% raising the price from $1,422,900 for March 2016 to $1,575,500 for March of this year.
Gross sales in West Vancouver were hit with a 63% decrease from $529,828,588 for March 2016 to $205,314,800 for March 2017. Units listed decreased 23% from 203 to 155 and there was an overall 69% decrease, from 369 to 114 in sold year to date figures. Active listings were up 18% from 327 to 388 from last year and benchmark price inched up 5.8% ending March 2017 at $2,961,800.
It is not fair to compare any figures to the record high numbers of last year at this time. Gross sales were lower than then last year in Vancouver West with a 58% drop in overall gross sales from one year ago. March 2016 recorded $844,642,494 while March 2017 gross sales were $370,696,600. Units listed were down 34% over last year at this time, 298 to 195. The sold year to date numbers dropped from 579 to 254 which showed a 61% decrease. Active listings inched 3% with 560 active listings for March 2017 compared with 541 in March of 2016. Overall Benchmark price has raised 12.7% compared with one year ago.
North Vancouver
|
|
March 2017 |
March 2016 |
% Increase |
|
Gross Sales |
$188,314,459 |
$307,488,046 |
-38% |
|
Units Listed |
154 |
197 |
-21% |
|
Units Sold |
98 |
180 |
-44% |
|
Sold- Year to Date |
220 |
407 |
-45% |
|
Avg Price/Unit |
$1,921,576 |
$1,708,266 |
12% |
|
Active Listings |
240 |
172 |
39% |
|
Benchmark Price |
$1,575,500 |
$1,422,900 |
10.7% |
|
Price Index (HPI) |
250.8 |
226.5 |
10.7% |
West Vancouver
|
|
March 2017 |
March 2016 |
% Increase |
|
Gross Sales |
$205,314,800 |
$529,828,588 |
-63% |
|
Units Listed |
155 |
203 |
-23% |
|
Units Sold |
59 |
146 |
-59% |
|
Sold- Year to Date |
114 |
369 |
-69% |
|
Avg Price/Unit |
$3,479,911 |
$3,869,473 |
-10% |
|
Active Listings |
388 |
327 |
18% |
|
Benchmark Price |
$2,961,800 |
$2,799,900 |
5.8% |
|
Price Index (HPI) |
281.6 |
266.2 |
5.8% |
Vancouver West
|
|
March 2017 |
March 2016 |
% Increase |
|
Gross Sales |
$370,693,600 |
$844,642,494 |
-58% |
|
Units Listed |
195 |
298 |
-34% |
|
Units Sold |
95 |
219 |
-56% |
|
Sold- Year to Date |
224 |
579 |
-61% |
|
Avg Price/Unit |
$3,902,037 |
$4,060,146 |
-3% |
|
Active Listings |
560 |
541 |
3% |
|
Benchmark Price |
$3,461,700 |
$3,072,000 |
12.7% |
|
Price Index (HPI) |
355.4 |
315.4 |
12.7% |
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.
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