October 2017 - Market News
September 2017 Stats
Source: Real Estate Board of Greater Vancouver
Much of the real estate news has been focused on condo’s and townhomes, and rightly so. Showing a strong sellers’ market, the sales to active listings for September for townhomes was 42.3% and an incredible 60.4% for condominiums. For detached homes, the ratio for sales to active listings for September 2017 was 14.6% a direction that moves us closer to a balanced market, if not a buyers’ market.
North Vancouver saw a healthy gain of 49% in gross sales in September when compared to one year ago. A healthy boost of increased sales, September 2017 gross sales were $132,652,464 compared to $88,597,428 from September 2016. Units sold grew 29% from 53 to 74 for the month of September but we saw a slump in year sold to date figures, down 23% from 1072 to 821. As the market balances out, September’s benchmark price rose 1.9% from $1,671,500 to $1,713,000.
A stunning 104% leap in gross sales for West Vancouver had gross sales soar from $61,629,376 in September 2016 to $125,768,571 for this past September. Units sold in September increased 59% from 22 to 35 but we did see a 45% fall in sold year to date figures from 755 to 413. Benchmark prices took a hit of -8.5% overall from one year ago which again shows that the markets are balancing out from a year of record breaking sales numbers.
Vancouver West saw a 35% increase in gross sales with a 21% jump in units sold in September, from 60 last year to 73 this year. Active listings were up 26% but as in the other markets, we saw the decline of 39% in sold year to date figures as well as a virtually unchanged benchmark price of $3,653,500.
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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