June 2017 - Market News
Market Stats: Residential Detached
Eager Home Buyers Show No Sign of Slowing Down
Real estate prices continued to rise in May, with the emphasis being on townhomes and condominiums. In Vancouver West, the average benchmark price of a detached home hit $3,588,300 up 4.2% from last year.
"Demand for condominiums and townhomes is driving today’s activity," Jill Oudil, Real Estate Board of Greater Vancouver president said. "Home buyers are beginning to have more selection to choose from in the detached market, but the number of condominiums for sale continues to decline".
In one year, North Vancouver has seen a 33% drop in sold year to date detached home figures from 704 to 469. Gross sales were relatively unchanged from a year ago and there was a 12% increase in units listed from 240 in May 2016 to 270 for May of this year. We did see a jump of 46% in active listings which grew from 215 a year ago to 314 in May, 2017.Benchmark price rose slightly 3% from $1,607,600 to $1,656,500.
West Vancouver had a sharp decrease in gross sales and sold year to date figures. Down 39% from May, 2016, gross sales dropped from $378,888,465 to $230,872,300. Sold year to date numbers totaled 243 for May 2017 as compared to 584 for May of last year. Active listings were up 23%, from 378 to 465 but the overall benchmark price slumped 1.5% from $3,129,100 to $3,080,600.
Vancouver West detached home sales year to date figures were down 48% from 1000 homes sold in May 2016 to just 520 homes sold as of May 31, 2017. Overall gross sales also dipped slightly with a 3% decrease from $754,280,516 to $724,998,881. Active listing rose 8% from 541 for May 2016 to 585 for May 2017. Benchmark price inched up 4.2% from one year ago to $3,588,300 which is the smallest increase we have seen in quite some time.With our record spring of last year, there is no surprise that prices and sales statistics have started to normalize in what is anything but a normal real estate market.
Source: Real Estate Board of Greater Vancouver
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.