Current Market Conditions

Welcome to the DEXTER ASSOCIATES REALTY STATISTICAL UPDATE PAGE. We want to ensure that our REALTORS® and our clients are well informed on current market conditions.

In our Blog below you will find a weekly market update. Within the Blog, there are 2 links updated weekly that separate and break down listing and sales statistics for market areas in and around the City of Vancouver. One link combines all residential types of properties for a select group of market areas and another link breaks down those areas by houses, townhouses and apartments.

If you have any questions at all, do not hesitate to contact one of our Dexter Associates!

 

"They always say time changes things, but you actually have to change them yourself." - Andy Warhol

 

Sales and listings stats are attached as of February 14, 2016. February continues the trend of a busy real estate market. What’s badly needed is still not coming on – Supply. The question of why prices are rising in all segments and areas of the market relate back to a fundamental of supply and demand – and right now supply is far below that of the demand in the market place. While constraints on demand is looked upon as a solution, the supply side of the equation needs to be tackled. This is becoming more and more evident in the strata segment of the market. In looking at inventory levels for strata properties we see that in Vancouver’s West Side townhouse/half duplex listings are down 56% and apartments are down 43% to last year at this time. In East Vancouver the townhouse/half duplex listings are down 48% and apartments are down 56%, in North Vancouver townhouse/half duplex listings are down 46% and apartments down 64%, and in Richmond townhouse/half duplex listings are down 70% and apartments are down 27% to this time last year. So while it may seem like there is a lot of new building going on, it’s not enough. And with the pressure of affordability pushing people to strata properties from a dwindling stock of detached properties, supply will continue to be in need.  Here is a summary of the activity so far:

 

Sales and Listings Stats Houses Townhouses Condos Feb 14 2016.

 

Sales and Listings Stats All Regional Feb 14 2016.

 

Greater Vancouver – 1,649 Units Sold so far in February 2016 compared to 999 Units Sold in January 2016 at mid-month. Total New Listings so far in February are 3,108 compared to 5,566 total in February 2015. Total Active Listings are at 8,033 (12,318 at the same time last year). Sales To Listings Ratio is at 53% compared to 57% in January 2016.

 

Vancouver West - 344 Units Sold so far in February 2016 compared to 192 Units Sold in January 2016 at mid-month. Total New Listings so far in February are 615 compared to 1,250 total in February 2015. Total Active Listings are at 1,458 (2,223 at the same time last year). Sales To Listings Ratio is at 56% compared to 48% in January 2016.

 

Vancouver East – 139 Units Sold so far in February 2016 compared to 74 Units Sold in January 2016 at mid-month. Total New Listings so far in February are 240 compared to 523 total in February 2015. Total Active Listings are at 580 (885 at the same time last year). Sales To Listings Ratio is at 58% compared to 53% in January 2016.

 

North Vancouver – 125 Units Sold so far in February 2016 compared to 56 Units Sold in January 2016 at mid-month. Total New Listings so far in February are 201 compared to 490 total in February 2015. Total Active Listings are at 368 (703 at the same time last year). Sales To Listings Ratio is at 62% compared to 54% in January 2016.

 

West Vancouver – 66 Units Sold so far in February 2016 compared to 45 Units Sold in January 2016 at mid-month. Total New Listings so far in February are 148 compared to 300 total in February 2015. Total Active Listings are at 444 (560 at the same time last year). Sales To Listings Ratio is at 45% compared to 46% in January 2016.

 

Richmond – 205 Units Sold so far in February 2016 compared to 146 Units Sold in January 2016 at mid-month. Total New Listings so far in February are 383 compared to 734 total in February 2015. Total Active Listings are at 1,174 (1,805 at the same time last year). Sales To Listings Ratio is at 54% compared to 64% in January 2016.

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"I can be changed by what happens to me. But I refuse to be reduced by it." - Maya Angelou

 

Attached are the Sales and Listings Stats updated to the end of January 2016. A Happy New Year it has been for Sellers! The activity in our real estate market continued on from where it left off in 2015. In Greater Vancouver, January saw an increase in the number of homes sold compared to January 2015, up 32%. In fact it was the second highest January on record for homes sold. Total new listings coming on market in January were 4,551 compared to 4,887 (down 7%) in January 2015 and down from 5,498 (17%) in January 2014. As a result, Total Active Listings at month end were 7,431 compared to 11,753 in January 2015 – down 37%. In most areas throughout Greater Vancouver a strong January for sales was evident, with West Vancouver (58%), Coquitlam (69%), Tsawwassen (87%) and Richmond (38%) doing even better than most areas in terms of year over year sales by units.

 

“Fundamental economics are driving today’s market. Home buyer demand is at near record heights and home seller supply is as low as we’ve seen in many years,” Darcy McLeod, Real Estate Board of Greater Vancouver president said.

 

Sales and Listings Stats Houses Townhouses Condos for January 2016

 

Sales and Listings Stats All Regional for January 2016

 

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in January 2016 was 2,574 – up from 1,948 (32%) from January 2015, up from 1,804 (43%) in January 2014; Active Listings are at 7,431 compared to 11,753 at this time last year; New Listings in January 2016 were down 7% compared to January 2015; Month’s Supply of Total Residential Listings is steady at 3 Months (Seller’s Market) and a Sales to Listings Ratio of 57% compared to 40% in January 2015.

 

Vancouver Westside Residential: Total Units Sold in January 2016 was 473 – up from 369 (28%) from January 2015, up from 393 (20%) in January 2014; Active Listings are at 1,285 compared to 2,023 at this time last year; New Listings in January 2016 were down 2% compared to January 2015; Month’s Supply of Total Residential Listings is steady at 3 Months (Seller’s Market) and a Sales to Listings Ratio of 48% compared to 37% in January 2015.

 

Vancouver Eastside Residential: Total Units Sold in January 2016 was 207 – down from 212 (2%) from January 2015, up from 173 (20%) in January 2014; Active Listings are at 524 compared to 847 at this time last year; New Listings in January 2016 were down 11% compared to January 2015; Month’s Supply of Total Residential Listings is steady at 3 Months (Seller’s Market) and a Sales to Listings Ratio of 53% compared to 48% in January 2015.

 

North Vancouver Residential:  Total Units Sold in January 2016 was 167 – up from 149 (12%) from January 2015, up from 121 (38%) in January 2014; Active Listings are at 318 compared to 635 at this time last year; New Listings in January 2016 were down 17% compared to January 2015; Month’s Supply of Total Residential Listings is steady at 2 Months (Extreme Seller’s Market) and a Sales to Listings Ratio of 54% compared to 40% in January 2015.

 

West Vancouver Houses: Total Units Sold in January 2016 was 108 – up from 58 (86%) from January 2015, up from 62 (74%) in January 2014; Active Listings are at 403 compared to 524 at this time last year; New Listings in January 2016 were down 2% compared to January 2015; Month’s Supply of Total Residential Listings is steady at 4 Months (Seller’s Market) and a Sales to Listings Ratio of 46% compared to 24% in January 2015.

 

Richmond Residential: Total Units Sold in January 2016 was 396 – up from 287 (38%) from January 2015, up from 265 (49%) in January 2014; Active Listings are at 1,077 compared to 1,747 at this time last year; New Listings in January 2016 were down 17% compared to January 2015; Month’s Supply of Total Residential Listings is steady at 3 Months (Seller’s Market) and a Sales to Listings Ratio of 64% compared to 39% in January 2015.

 

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