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!

 

“Do not let what you cannot do interfere with what you can do.” – John Wooden

 

Sales and listings stats are attached as of April 17, 2016. The story stays the same, while the month moves on to the next. Sales and listings continue at the pace set to start the year – sales on the high side, listings on the low side. Some of the characters have changed though with strata properties taking on a bigger role in the story. In both Vancouver’s East Side and West Side, the attached market has a sales to listings ratio close to 100% while the detached market has fallen to 52% and 58% respectively. So far there have been 2,571 properties sold in Greater Vancouver in April. This puts April on track to be another 5,000 sale month. Here is a summary of the activity so far:

 

Sales and Listings Report Houses Townhouses Condos Apr 17 2016

 

Sales and Listings Report All Residential Apr 17 2016

 

Greater Vancouver – 2,571 Units Sold so far in April 2016 compared to 4,264 Units Sold in April 2015. Total New Listings so far in April are 3,359 compared to 6,041 total in April 2015. Total Active Listings are at 8,219 compared to 13,372 at this time last year. Sales To Listings Ratio is at 77% compared to 82% in March 2016.

 

Vancouver West  – 455 Units Sold so far in April 2016 compared to 811 Units Sold in April 2015. Total New Listings so far in April are 615 compared to 1,236 total in April 2015. Total Active Listings are at 1,331 compared to 2,377 at this time last year. Sales To Listings Ratio is at 74% compared to 92% in March 2016.

 

Vancouver East – 221 Units Sold so far in April 2016 compared to 467 Units Sold in April 2015. Total New Listings so far in April are 313 compared to 611 total in April 2015. Total Active Listings are at 641 compared to 920 at this time last year. Sales To Listings Ratio is at 71% compared to 82% in March 2016.

 

North Vancouver – 201 Units Sold so far in April 2016 compared to 336 Units Sold in April 2015. Total New Listings so far in April are 212 compared to 444 total in April 2015. Total Active Listings are at 336 compared to 763 at this time last year. Sales To Listings Ratio is at 95% compared to 93% in March 2016.

 

West Vancouver – 73 Units Sold so far in April 2016 compared to 138 Units Sold in April 2015. Total New Listings so far in April are 145 compared to 244 total in April 2015. Total Active Listings are at 432 compared to 630 at this time last year. Sales To Listings Ratio is at 50% compared to 73% in March 2016.

 

Richmond – 337 Units Sold so far in April 2016 compared to 587 Units Sold in April 2015. Total New Listings so far in April are 425 compared to 811 total in April 2015. Total Active Listings are at 1,191 compared to 1,881 at this time last year. Sales To Listings Ratio is at 79% compared to 71% in March 2016.

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"The hardest thing to see is what is in front of your eyes." - Johann Wolfgang von Goethe

 

This is the Sales and Listings Report updated to the end of March 2016. For the first time in the history of the Greater Vancouver Board, there were over 5,000 homes sold in a month. March finished with 5,301 homes sold for the month – up 28% over March of last year. The same story continues with the number of listings on market being well below where they need to be. The month finished with 8,118 active listings, down 35% compared to the same time last year. So while the number of new listings were up in Greater Vancouver in March this year compared to March 2015, it was only up by 5%. In some areas, this trend was the opposite. Vancouver’s Westside and Eastside, North Vancouver and Burnaby South all saw less new listings in March 2016 compared to March 2015. Most areas are sitting with one month’s supply of listings. With the scale of demand currently in the market, that is causing extreme pressure on pricing – multiple offers are an occurrence more common than not.

 

All segments of the market are faced with this pressure of limited supply. The townhouse/half duplex market is seeing the tightest supply in the market. In North Vancouver there were 61 sales in March while there are only 36 units on the market – meaning without any new listings there would be no product available after half a month of sales! This segment of the market is showing a clear sign of needed supply and something that should be a focus on the development side. The condo market, while seemingly well stocked with many cranes above us building away, is sitting with 1 month’s supply in most areas. It would appear the strata market has taken over as the most active part of the market and with the most limited supply.

 

“March was the highest selling month the Real Estate Board of Greater Vancouver has ever recorded,” Dan Morrison, REBGV president said. “Today’s demand is broad based. Home buyers are active in neighbourhoods across our region.”

 

“Strong job and economic growth in our province, positive net migration and low interest rates are helping to drive this activity,” Morrison said.

 

Sales and Listings Stats Houses Townhouses Condos March 2016

 

Sales and Listings Stats All Regional March 2016

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in March 2016 was 5,301 – up from 4,132 (28%) in March 2015, up from 2,697 (97%) in March 2014; Active Listings are at 8,118 compared to 13,391 at this time last year; New Listings in February 2016 were up 5% compared to March 2015; Month’s Supply of Total Residential Listings remains at 2 Months (Extreme Seller’s Market) and a Sales to Listings Ratio of 82% compared to 67% in March 2015.

 

Vancouver Westside Residential: Total Units Sold in March 2016 was 1,001 – up from 825 (21%) in March 2015, up from 571 (75%) in March 2014; Active Listings are at 1,304 compared to 2,402 at this time last year; New Listings in February 2016 were down 9% compared to March 2015; Month’s Supply of Total Residential Listings has dropped to 1 Month (Extreme Seller’s Market) and a Sales to Listings Ratio of 92% compared to 69% in March 2015.

 

Vancouver Eastside Residential: Total Units Sold in March 2016 was 476 – up from 464 (3%) from March 2015, up from 336 (42%) in March 2014; Active Listings are at 610 compared to 925 at this time last year; New Listings in February 2016 were down 8% compared to March 2015; Month’s Supply of Total Residential Listings dropped to 1 Month (Extreme Seller’s Market) and a Sales to Listings Ratio of 82% compared to 74% in March 2015.

 

North Vancouver Residential:  Total Units Sold in March 2016 was 407 – up from 399 (2%) from March 2015, up from 233 (75%) in March 2014; Active Listings are at 358 compared to 803 at this time last year; New Listings in February 2016 were down 15% compared to March 2015; Month’s Supply of Total Residential Listings remains at 1 Month (Extreme Seller’s Market) and a Sales to Listings Ratio of 92% compared to 77% in March 2015.

 

West Vancouver Houses: Total Units Sold in March 2016 was 179 – up from 135 (33%) from March 2015, up from 78 (129%) in March 2014; Active Listings are at 409 compared to 633 at this time last year; New Listings in February 2016 were up 8% compared to March 2015; Month’s Supply of Total Residential Listings dropped to 2 Months (Extreme Seller’s Market) and a Sales to Listings Ratio of 73% compared to 59% in March 2015.

 

Richmond Residential: Total Units Sold in March 2016 was 663 – up from 553 (20%) from March 2015, up from 374 (77%) in March 2014; Active Listings are at 1,213 compared to 1,871 at this time last year; New Listings in February 2016 were up 22% compared to March 2015; Month’s Supply of Total Residential Listings remains at 2 Months (Extreme Seller’s Market) and a Sales to Listings Ratio of 71% compared to 72% in March 2015.

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