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Demand of Home Buyers Depends on the Type of Property – Vancouver Real Estate Market Report January 2018

Home sales for Vancouver Real Estate Market Report January 2018 in Metro Vancouver were 7.1% above the 10 year sales average. The sales-to-active listings ratio for January 2018 in Vancouver was 19.6%. By property type, Detached Homes: 7%, Townhouses: 22.4%, and Condos: 41.9%. Analysts suggest that downward pressure on home prices occur when the ratio falls below the 12% mark for a sustained period, and an upward pressure when it remains over 20%. Total number of properties currently listed for sale in 2018 (6,947) on the MLS in Greater Vancouver decreased 4% compared to January 2017 (7,238) and a 0.2% decrease compared to December 2017 (6,958).

“Demand remains elevated and listings scarce in the attached and apartment markets across Metro Vancouver,” Jill Oudil, REBGV president said. “Buyers in the detached market are facing less competition and have much more selection to choose. For detached home sellers to be successful, it’s important to set prices that reflect today’s market trends.”

A Look at the Vancouver Housing Stats

Your Vancouver Real Estate Market Report January 2018 median sales price of Condos in Vancouver was at $794,000 up 28.1% from a year ago. Townhouse in Vancouver median sales price $1,130,238 up 14.2% from a year ago.  Detached single family homes median sales price was $2,273,000 up 29.6% from a year ago. Total January 2018 inventory – Vancouver Condos 747 down 32.4% from a year ago, Townhouses 170 up 11.1%, and detached homes 1,298 up 1.6% from a year ago.  The average time a Vancouver property was on the market is 34 days, down 2.9% from a year ago.

Downtown Vancouver Condo Niche to Watch Out For

Being an expert in the Vancouver Condo market, I get to see what happens daily and am able to use tools to identify hot spots that are a benefit to you. Between Predictive Analysis, Artificial Intelligence, and a personal understanding of the markets, I can give you my opinion on the Vancouver Condo Hot Spots i believe will be a great buy: Yaletown Lofts and Coal Harbour Penthouses.

Vancouver Housing Stats That are Important to You

The Condo Market HPI* – Live Feed

The Detached Home Market HPI – Live Feed

The Townhouse Market HPI – Live Feed

Average Days on Market – All Properties

What Does this All Mean – Vancouver Real Estate Market Report January 2018?

Analyzing all this data can be confusing, each neighbourhood is going to be different from the other.  Let me be your guide to understanding the Vancouver real estate market and your neighbourhood much better with a detailed report.  Reach out to me now to help you with your real estate needs.

What Does this Mean if you are Buying a Property in Vancouver?

These times in Vancouver purchasing a property can be challenging.  Condos and Townhouses especially, have been in the hot seat for the last year, with 6 out of every 10 selling these days, you are sure to go up against competitive buyers wanting the same property you want.  Detached single family homes have slowed down due to affordability, with 2 out of every 10 homes selling these days, buyers are able to be more selective with the homes they want knowing there is less competition out there.

With having an ample supply of statistics for solds and active properties I can best help you with an offering price that would most likely get you the property you want on your terms and conditions. Lets start this process today, sign up below, to discuss your options.

What Does this Mean if you are Selling a Property in Vancouver?

Think back to 2 years ago when anything and everything that went on the market for detached single family homes, sold. That market has changed today, many home owners are now staging their property to get its full potential value. On average, detached single family homes are getting 97.2% of the asking price. Condos and Townhouses are experiencing more interest than detached single family homes due to affordability.

Realtors have to be on the ball with having skill and techniques to maneuver through the many facets of home selling, it’s not as easy as just putting a sign on the lawn expecting a mad rush of buyers at an open house these days.  Relying on and trusting your realtor to get you the most amount of money is critical for you to ensure you move on to where you need to go.  Allow me to show you some of my clients testimonials, it speaks very clear on my performance. No two transactions are alike, and you need someone who’s on the top of their game to help you. Get in contact with me today to start this process, Find out what your home is worth.

Real Estate Terms You Should Know

Home Price Index*?

The MLS® Home Price Index is modelled on the Consumer Price Index which measures the rate of price change for a basket of goods and services including food, clothing, shelter, and transportation.

Instead of measuring goods and services, the HPI measures the change in the price of housing features. Thus, the HPI measures typical, pure price change (inflation or deflation).

Not Your ‘Average’ Price

The HPI benchmarks represent the price of a typical property within each market. The HPI takes into consideration what averages and medians do not – items such as lot size, age, number of rooms, etc. These features become the composite of the ‘typical house’ in a given area.

Each month’s sales determine the current prices paid for bedrooms, bathrooms, fireplaces, etc. and apply those new values to the ‘typical’ house model.

Andrew Szalontai, Vancouver Realtor

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