"Things do not happen. Things are made to happen." - John F Kennedy

 

This is the sales and listings report as of March 27th. March is on pace to hit 5,000 homes sold in Greater Vancouver for the first time ever. It would seem that the trend of more sales and less listings is something the market is not deviating from. With 4,462 properties sold so far in March and the current trend of 300 sales a day, March will likely finish close to 5,200 to 5,300 sales. Total active listings are at 7,954 down from 8,091 last month. Some areas will finish with 1 month’s supply of listings or less while 2 months will be the average. A far cry from two years ago when 6 to 10 months was what was available in the market. Some extreme undersupplied markets include North Vancouver townhouses with 56 sales so far in March with only 36 units available. In Vancouver’s West Side, there have been 87 sales and there are 87 active listings. Vancouver West Side condo inventory is down to 661, from a high of 2,344 in the spring of 2013. Here is a summary of the activity so far:

 

Sales and Listings Stats Houses Townhouses Condos Mar 27 2016

 

Sales and Listings Stats All Regional Mar 27, 2016

 

Greater Vancouver – 4,462 Units Sold so far in March 2016 compared to 4,254 Units Sold in February 2016. Total New Listings so far in March are 5,228 compared to 5,967 in February 2016. Total Active Listings are at 7,954 (13,521 at the same time in March 2015), Sales To Listings Ratio is at 85% compared to 71% in February 2016.

 

Vancouver West - 844 Units Sold so far in March 2016 compared to 852 Units Sold in February 2016. Total New Listings so far in March are 884 compared to 1,199 in February 2016. Total Active Listings are at 1,303 (2,414 at the same time in March 2015), Sales To Listings Ratio is at 95% compared to 71% in February 2016.

 

Vancouver East – 392 Units Sold so far in March 2016 compared to 342 Units Sold in February 2016. Total New Listings so far in March are 460 compared to 515 in February 2016. Total Active Listings are at 594 (968 at the same time in March 2015), Sales To Listings Ratio is at 85% compared to 66% in February 2016.

 

North Vancouver – 348 Units Sold so far in March 2016 compared to 346 Units Sold in February 2016. Total New Listings so far in March are 328 compared to 487 in February 2016. Total Active Listings are at 322 (805 at the same time in March 2015), Sales To Listings Ratio is at 106% compared to 71% in February 2016.

 

West Vancouver – 155 Units Sold so far in March 2016 compared to 169 Units Sold in February 2016. Total New Listings so far in March are 194 compared to 278 in February 2016. Total Active Listings are at 407 (636 at the same time in March 2015), Sales To Listings Ratio is at 80% compared to 61% in February 2016.

 

Richmond – 560 Units Sold so far in March 2016 compared to 533 Units Sold in February 2016. Total New Listings so far in March are 784 compared to 759 in February 2016. Total Active Listings are at 1,197 (1,893 at the same time in March 2015), Sales To Listings Ratio is at 71% compared to 70% in February 2016.

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May you have the hindsight to know where you’ve been, the foresight to know where you are going, and the insight to know when you have gone too far. – Irish Proverb

 

Sales and listings stats are attached as of March 14, 2016. The listings just ain’t a coming! So far March is on track with February sales, although with spring break upon us we could see that drop slightly. What’s apparent so far though is that the number of listings coming on market is on pace to be lower than February this year and March 2015. Demand and Supply are still very much at opposite ends of the spectrum. Here is a summary of the activity so far:

 

Sales and Listings Stats All Regional March 13 2016

 

Sales and Listings Stats Houses Townhouses Condos March 13, 2016

 

Greater Vancouver – 1,660 Units Sold so far in March 2016 compared to 1,649 Units Sold in February 2016 at mid-month. Total New Listings so far in February are 2,187 compared to 6,168 total in March 2015. Total Active Listings are at 8,200. Sales To Listings Ratio is at 76% compared to 71% in February 2016.

 

Vancouver West - 318 Units Sold so far in March 2016 compared to 344 Units Sold in February 2016 at mid-month. Total New Listings so far in February are 371 compared to 1,250 total in March 2015. Total Active Listings are at 1,396. Sales To Listings Ratio is at 86% compared to 71% in February 2016.

 

Vancouver East – 163 Units Sold so far in March 2016 compared to 139 Units Sold in February 2016 at mid-month. Total New Listings so far in February are 200 compared to 523 total in March 2015. Total Active Listings are at 606. Sales To Listings Ratio is at 82% compared to 66% in February 2016.

 

North Vancouver – 132 Units Sold so far in March 2016 compared to 125 Units Sold in February 2016 at mid-month. Total New Listings so far in February are 135 compared to 516 total in March 2015. Total Active Listings are at 378. Sales To Listings Ratio is at 98% compared to 71% in February 2016.

 

West Vancouver – 57 Units Sold so far in March 2016 compared to 66 Units Sold in February 2016 at mid-month. Total New Listings so far in February are 87 compared to 300 total in March 2015. Total Active Listings are at 443. Sales To Listings Ratio is at 66% compared to 61% in February 2016.

 

Richmond – 208 Units Sold so far in March 2016 compared to 205 Units Sold in February 2016 at mid-month. Total New Listings so far in February are 342 compared to 763 total in March 2015. Total Active Listings are at 1,184. Sales To Listings Ratio is at 61% compared to 70% in February 2016.

 

Have a happy St. Patrick’s Day!

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"I am who I am today because of the choices I made yesterday." - Eleanor Roosevelt

 

Attached are the Sales and Listings Stats updated to the end of February 2016. When the Groundhog came out of his hole on February 2nd, he was out to buy real estate! Shadow be damned! This month has seen it be a record month for sales in the month of February for Greater Vancouver. There were 37% more homes sold in February 2016 compared to January 2016 – 4,254 versus 3,108. And there were 66% more homes sold compared to 2015. And once again, the pressure is on inventory with 40% fewer listings on market at this time compared to last year. Buyers are extremely active while sellers are reluctant to list and join the buying pool. While there were 5,967 new listings in February compared to 5,566 in February 2015, this increase is not nearly enough to satisfy this insatiable demand right now.

 

All segments of the market are continuing to see this strong pace of demand and limited supply. The strata (apartment/townhouse) property market has been increasing in activity over the last 6 to 9 months with inventory levels dropping much like the detached market. In some cases, more so. In the Richmond townhouse market, inventories are down 70% compared to this time last year with their being 100 sales in February and currently only 85 properties on the market. That means it would take less than a month to sell out of the inventory without any listings coming on. A large number of regional strata property markets have 1 month’s supply of listings currently on market, including Vancouver’s West Side. So while it seemed like there was a lot of that type of product in the past, it is not the case right now. Supply is simply too low for the level of demand we have in the market at the current time. Something that needs to be considered in addressing the rate of rising prices. So while it may seem like the answer lies in controlling demand, perhaps policy to look at supply is more realistic.

 

“We’re in a competitive, fast-moving market cycle that favours home sellers,” Darcy McLeod, Real Estate Board of Greater Vancouver president said. “Sustained home buyer competition is keeping upward pressure on home prices across the region.”

 

Here’s a summary of the numbers:

 

Sales and Listings Statistics All Regional February 2016.pdf

 

Sales and Listings Statistics Houses Townhouses Condos For February 2016.pdf

 

Greater Vancouver: Total Units Sold in February 2016 was 4,254 – up from 3,108 (37%) from February 2015, up from 2,570 (66%) in February 2014; Active Listings are at 8,091 compared to 12,753 at this time last year; New Listings in February 2016 were up 7% compared to February 2015; Month’s Supply of Total Residential Listings has dropped to 2 Months (Extreme Seller’s Market) and a Sales to Listings Ratio of 71% compared to 56% in February 2015.

 

Vancouver Westside Residential: Total Units Sold in February 2016 was 852 – up from 631 (31%) from February 2015, up from 545 (56%) in February 2014; Active Listings are at 1,432 compared to 2,363 at this time last year; New Listings in February 2016 were down 4% compared to February 2015; Month’s Supply of Total Residential Listings has dropped to 2 Months (Extreme Seller’s Market) and a Sales to Listings Ratio of 71% compared to 50% in February 2015.

 

Vancouver Eastside Residential: Total Units Sold in February 2016 was 342 – up from 325 (5%) from February 2015, up from 313 (9%) in February 2014; Active Listings are at 601 compared to 915 at this time last year; New Listings in February 2016 were down 2% compared to February 2015; Month’s Supply of Total Residential Listings has dropped to 2 Months (Extreme Seller’s Market) and a Sales to Listings Ratio of 66% compared to 62% in February 2015.

 

North Vancouver Residential:  Total Units Sold in February 2016 was 346 – up from 273 (27%) from February 2015, up from 206 (70%) in February 2014; Active Listings are at 403 compared to 779 at this time last year; New Listings in February 2016 were the same amount compared to February 2015; Month’s Supply of Total Residential Listings has dropped to 1 Months (Extreme Seller’s Market) and a Sales to Listings Ratio of 71% compared to 56% in February 2015.

 

West Vancouver Houses: Total Units Sold in February 2016 was 169 – up from 146 (16%) from February 2015, up from 87 (94%) in February 2014; Active Listings are at 446 compared to 618 at this time last year; New Listings in February 2016 were down 7% compared to February 2015; Month’s Supply of Total Residential Listings has dropped to 3 Months (Seller’s Market) and a Sales to Listings Ratio of 61% compared to 49% in February 2015.

 

Richmond Residential: Total Units Sold in February 2016 was 533 – up from 399 (34%) from February 2015, up from 341 (56%) in February 2014; Active Listings are at 1,144 compared to 1,890 at this time last year; New Listings in February 2016 were up 3% compared to February 2015; Month’s Supply of Total Residential Listings has dropped to 2 Months (Extreme Seller’s Market) and a Sales to Listings Ratio of 70% compared to 54% in February 2015.

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