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!

 

“I love this country. I love my idea of this country.” —  Ralph Waldo Emerson

 

Sales and listings stats are attached as of September 19, 2016. The real estate market has shown a state of change over the last 4 months. Overall in the Greater Vancouver market, September sales are down from August. Some areas and market segments around Greater Vancouver are showing differing levels of sales compared to August. But September typically slower to start as people come back from vacation and kids head back to school. Average prices in some areas are down while others are maintaining or slightly above August. West Vancouver has seen the largest decrease in average price, dropping to $785,928 so far for September compared to $2,139,647 in August. This doesn’t mean homes are selling for less, but that less homes are selling in the higher price ranges. In West Vancouver particularly, there hasn’t been a sale for a home over $2,000,000 – significantly bringing down the average price – a calculated value.

 

As much as everyone is looking to label the market, accurate labels come after the markets have happened. With stories of buyers making more inquiries into the Toronto or Seattle market, I would bet those inquiries were always there. Tell a buyer (Foreign) that there cost has immediately gone up 15 per cent, of course they will inquire where this tax doesn’t exist. Will they act on that inquiry and abandon the market they truly desire to be in? Probably not to the same degree as we are lead to believe. But it is too early to fully understand where the market is at. What is certain, is real estate markets don’t remain static.

 

Sales and Listings Report Houses Townhouses Condos Sept 18 2016

 

Sales and Listings Report All Residential Sept 18 2016

 

Here is a summary of the activity so far:

 

Greater Vancouver –1,126 Units Sold so far in September 2016 compared to 1,287 Units Sold at this time in August 2016. Total New Listings so far in September are 2,693 compared to 2,507 at this time in August 2016. Total Active Listings are at 9,716 (11,258 at the same time in September 2015), Sales To Listings Ratio is at 42% compared to 58% at this time in August 2016.

 

Vancouver West - 219 Units Sold so far in September 2016 compared to 230 Units Sold at this time in August 2016. Total New Listings so far in September are 517 compared to 457 at this time in August 2016. Total Active Listings are at 1,593 (2,017 at the same time in September 2015), Sales To Listings Ratio is at 42% compared to 57% at this time in August 2016.

 

Vancouver East – 80 Units Sold so far in September 2016 compared to 111 Units Sold at this time in August 2016. Total New Listings so far in September are 299 compared to 272 at this time in August 2016. Total Active Listings are at 959 (841 at the same time in September 2015), Sales To Listings Ratio is at 27% compared to 47% at this time in August 2016.

 

North Vancouver – 89 Units Sold so far in September 2016 compared to 84 Units Sold at this time in August 2016. Total New Listings so far in September are 274 compared to 156 at this time in August 2016. Total Active Listings are at 533 (650 at the same time in September 2015), Sales To Listings Ratio is at 32% compared to 59% at this time in August 2016.

 

West Vancouver – 14 Units Sold so far in September 2016 compared to 31 Units Sold at this time in August 2016. Total New Listings so far in September are 115 compared to 67 at this time in August 2016. Total Active Listings are at 493 (533 at the same time in September 2015), Sales To Listings Ratio is at 12% compared to 49% at this time in August 2016.

 

Richmond – 129 Units Sold so far in September 2016 compared to 161 Units Sold at this time in August 2016. Total New Listings so far in September are 299 compared to 344 at this time in August 2016. Total Active Listings are at 1,412 (1,689 at the same time in September 2015), Sales To Listings Ratio is at 43% compared to 55% at this time in August 2016.

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If you want to go fast go alone, if you want to go far go together. - African Proverb

 

This is the Sales and Listings Report updated to the end of August 2016. The sky isn’t falling, the beginning of the end isn’t upon us, nor is this the end of the world as we know it… The market is showing signs of what markets do, they adjust. So while there were 2,554 units sold in August, the average going back to 1989 for the month of August is actually 2,569. And with the market in the middle of an adjustment, the provincial government wanted to throw a little fertilizer on it as well… And sometimes when too much fertilizer is put on it causes a shock. With such a swift and sudden move, the impact on foreign buyers can be debated every which way, but what this did do was cause some local buyers and sellers in the market to sit back and want to see what was going to happen, especially buyers wanting to know exactly how this would affect their potential purchase. And most importantly, let’s not forget it is August, a time when the market is typically slower, well within the average for August.

 

There will be much discussion around pricing going forward. While it is too early to identify any effects with the change in sales activity, we have seen average prices decline in the past few months. Keep in mind though that average prices are simply a calculation – the total dollar volume of all sales divided by the number of units sold. Given that the detached market has shown a more significant decline then the strata market, this will account for less sales at higher dollar values. This will decrease the average price. It doesn’t necessarily mean that buyers are paying less for a particular home though. The focus has been more on the less expensive strata market, thus bringing down the average price.

 

“The record-breaking sales we saw earlier this year were replaced by more historically normal activity throughout July and August,” Dan Morrison, REBGV president said. "Sales have been trending downward in Metro Vancouver for a few months. The new foreign buyer tax appears to have added to this trend by reducing foreign buyer activity and causing some uncertainty amongst local home buyers and sellers.

“It’ll take some months before we can really understand the impact of the new tax. We'll be interested to see the government's next round of foreign buyer data."

 

Sales and Listings Report for August 2016 Houses Townhouses Condos

 

Sales and Listings Report for August 2016 All Regional

 

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in August 2016 was 2,554 – down from 3,301 (23%) in July 2016, down from 3,431 (25%) in August 2015, down from 2,820 (9%) in August 2014; Active Listings are at 9,198 compared to 11,942 at this time last year; New Listings in August 2016 were up 1% compared to August 2015, up 10% from July 2016; Month’s Supply of Total Residential Listings is up to 4 Months (Seller’s Market) and a Sales to Listings Ratio of 58% compared to 78% in August 2015 and 61% in July 2016.

 

Vancouver Westside Residential: Total Units Sold in August 2016 was 452 – down from 604 (25%) in July 2016, down from 751 (39%) in August 2015, down from 554 (18%) in August 2014; Active Listings are at 1,474 compared to 1,889 at this time last year; New Listings in August 2016 were down 6% compared to August 2015, down 28% from July 2016; Month’s Supply of Total Residential Listings is up to 3 Months (Seller’s Market) and a Sales to Listings Ratio of 57% compared to 89% in August 2015 and 59% in July 2016.

 

Vancouver Eastside Residential Total Units Sold in August 2016 was 218 – down from 290 (25%) in July 2016, down from 303 (27%) in August 2015, down from 296 (26%) in August 2014; Active Listings are at 865 compared to 905 at this time last year; New Listings in August 2016 were down 8% compared to August 2015, down 14% from July 2016; Month’s Supply of Total Residential Listings is up to 4 Months (Seller’s Market) and a Sales to Listings Ratio of 47% compared to 60% in August 2015 and 54% in July 2016.

 

North Vancouver Residential:  Total Units Sold in August 2016 was 161 – down from 240 (33%) in July 2016, down from 219 (26%) in August 2015, down from 197 (19%) in August 2014; Active Listings are at 395 compared to 526 at this time last year; New Listings in August 2016 were up 8% compared to August 2015, down 25% from July 2016; Month’s Supply of Total Residential Listings remains at 2 Months (Seller’s Market) and a Sales to Listings Ratio of 59% compared to 87% in August 2015 and 66% in July 2016.

 

West Vancouver Houses: Total Units Sold in August 2016 was 57 – down from 67 (15%) in July 2016, down from 110 (48%) in August 2015, down from 91 (37%) in August 2014; Active Listings are at 467 compared to 587 at this time last year; New Listings in August 2016 were down 27% compared to August 2015, down 42% from July 2016; Month’s Supply of Total Residential Listings is steady at 8 Months (Balanced to Buyer’s Market) and a Sales to Listings Ratio of 49% compared to 64% in August 2015 and 33% in July 2016.

 

Richmond Residential: Total Units Sold in August 2016 was 324 – down from 433 (25%) in July 2016, down from 455 (39%) in August 2015, down from 365 11%) in August 2014; Active Listings are at 1,411 compared to 1,756 at this time last year; New Listings in August 2016 were down 12% compared to August 2015, down 22% from July 2016; Month’s Supply of Total Residential Listings is up to 4 Months (Seller’s Market) and a Sales to Listings Ratio of 55% compared to 68% in August 2015 and 57% in July 2016.

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