Market Update: January 2017
It’s been a tepid start to 2017 for Greater Vancouver’s real estate market, with total sales in January down from one year ago, and prices for all product types still down from their peaks last summer. That said, there are signs that the attached segment in particular may be turning a corner.
Key points include:
- Sales Count: The 1,543 total sales in Greater Vancouver in January 2017 were the fewest in any month since September 2012. Total sales were down 39% compared to the January record of 2,519 in 2016, with detached sales sagging by 57%. Compared to the 10-year January average, however, total sales were down by only 11%, with condo sales bucking this trend, coming in at 11% above the long-run average.
- Home Sale Prices: The downward trajectory in the detached benchmark price eased in January 2017, falling by only 0.6% versus December 2016—the slowest month-to-month decline since September. In contrast, the benchmark price of both condos and townhouses rose faster than in any month since August, at 0.4% and 0.7%, respectively. Compared to their peaks in the summer of 2016, benchmark prices are down by 7% (detached), 2% (townhouse), and 0.4% (condo).
- Sales-to-Listings Ratio: The market has become balanced, on average, in the ten communities tracked in this monthly update, with January 2017’s sales-to-listings ratio sitting at 19% (down from 26% in December). Price points under $1.5 million continue to be characterized as seller’s markets, with buyer’s markets prevailing in the $2 million-plus range.
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