Here’s a look at the Vancouver Real Estate Market Report for May 2017.
Home buyer activity returned to near record levels across the Metro Vancouver housing market in May.
Residential property sales in the region totalled 4,364 in May 2017, a decrease of 8.5 per cent from the 4,769 sales in May 2016, an all-time record, and an increase of 22.8 per cent compared to April 2017 when 3,553 homes sold.
Last month’s sales were 23.7 per cent above the 10-year May sales average and is the third-highest selling May on record.
“While sales are inching closer to the record-breaking pace of 2016, the market itself looks different. Sales last year were driven by demand for single-family homes. This year, it’s clear that townhomes and condominiums are leading the way,” said Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president. “It’s important to work with your local REALTOR® to understand the different factors affecting the market today.”
A Look at the Housing Stats
May 2017 median sales of Condos in Vancouver was at $699,000 up 13.7% from a year ago. Townhouse in Vancouver median sales $1,130,000 up 1.8% from a year ago. Detached single family homes median sales were $2,200,000 down 0.2% from a year ago. Total inventory for Condos in March was 888 down 18.8% from a year ago, Townhouses 169 up 29.0%, and detached homes 1,405 up 22.8% from a year ago. The average time a Vancouver property was on the market is 24 days, up 9.1% from a year ago.
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?
Analyzing all this data can be confusing, each neighbourhood is going to be different from the other. Let me be your guide in understanding the Vancouver real estate market and your neighbourhood much better with a detailed report of how 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 7 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.
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, home owners are staging their property to get its full potential value. On average, detached single family homes are getting 96.7% 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 with a mad rush of buyers at the 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, you’ll be glad you did.
*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.
