What Happened in the market in January?
Single Family Detached Residential Properties
The market has started off stronger compared to last January in the below markets, with increased gross sales, which is the value of homes sold, as well as number of homes sold.
North Vancouver gross sales increased 25%, though number of homes sold is only up 1%. This indicates the increase in home sale prices. Looking at the average price/home (23%+) versus the HPI benchmark price (3.3+) it’s noticed that there must have been a number of high-end priced homes sold than typical in the North Vancouver market.
The opposite is seen in West Vancouver, where the average price/home is off 9%. The increase in Benchmark Price indicates increased value in the market, so the assumption is made that the market swayed to include a number of lower-end priced homes compared to what is typical value in West Vancouver.
Vancouver West had an unbelievable start to the year, with gross sales up 111% and units sold up 40% compared to last January. The benchmark price increased 7.5%, indicating a strong increase in true market value of a typical home.
West Vancouver and Vancouver West have increased new inventory compared to last year, following the trend of January being a good time to list a property prior to the competitive spring market. Only North Vancouver is slower in new listings to hit the market, and along with West Vancouver has fewer listings sitting active in the market compared to last year.