December 2017 - Market News
Market Stats: Residential Detached
Source: Real Estate Board of Greater Vancouver
November 2017 Stats
Above Average Demand in November
The strength of the Vancouver market seems unrelenting with sales totals increasing 17% for November, higher than the 10-year average for the month. Gross sales, active listing and average price per unit have all steadily increased, yet we still have a ways to go before our housing inventory gets to more typical levels. Much focus is now on attached condo’s and townhomes along with the new mortgage rules beginning in 2018.
North Vancouver saw the average price per unit in November reaching $1,817,145 from $1,676,607, up 8% from one year ago. Overall gross sales shot up 35% from November 2016 reaching a total of $139,956,333. Active listings rose 22% (from 272 to 333) but sold year to date decreased 18% from 1195 in November 2016 to 978 for November of this year.
West Vancouver’s November figures were also strong with an incredible 81% increase in gross sales, up to $144,501,000 from $ 79,492,000 in the past year. Average price per unit also gained 27% from $3,057,384 to $3,905,432 from last November. Active listings in West Vancouver shot up 30% from the previous year from 391 listings to 511 for the month of November. Overall sold year to date stats were down 40% from a year ago from 803 to 479.
The strong Vancouver West market did not disappoint with an increase in gross sales of 13% from one year ago. Gross sales rose from $270,895,576 to $306,894,554 when compared to last November. Active listings increased 39% from 530 to 738, demonstrating there are homes for sale yet buyers are cautious as there was a dip of 33% in sold year to date units. Units sold for November 2017 strengthened 22% (68 to 83) from the previous year demonstrating again that November was a busy month in real estate.The Market Overview below is a more detailed understanding on just how North Vancouver, West Vancouver and Vancouver Westside have been doing.
Remember, that even within these larger market areas, each neighbourhood reacts differently. For insight into any area's unique market personality call me, I'd love to help.
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.