"Pull the string, and it will follow wherever you wish. Push it, and it will go nowhere at all." - Dwight Eisenhower

 

Sales and listings stats are attached as of April 16, 2017. The pace of April sales is close to matching that of March, unfortunately the same is not true of new listings. While the level of sales are not at the record pace of last year, they are typical for a spring market and continue to be dominated by apartment and townhouses. Inventory in those market segments are still well short of the demand without an increase in new listings to ease the competition buyers are experiencing. The pace should increase for both sales and listings as the second half of the month continues post Easter. Here is a summary of the activity so far:

 

Sales and Listings Stats All Regional April 16 2017

 

Sales and Listings Stats Houses Townhouses Condos April 16 2017

 

Greater Vancouver – 1,674 Units Sold so far in April 2017 and should finish with approximately 3,500 sales compared to 3,632 units sold in March 2017. Total New Listings so far in April 2017 are 2,308 and should finish with approximately 4,600 compared to 4,891 in March 2017. Total Active Listings are at 8,193 (8,236 at the same time last year). Sales To Listings Ratio is at 73% compared to 74% in March 2017.

 

Vancouver West - 263 Units Sold so far in April 2017 and should finish with approximately 580 sales compared to 616 units sold in March 2017. Total New Listings so far in April 2017 are 407 and should finish with approximately 800 compared to 824 in March 2017. Total Active Listings are at 1,359 (1,331 at the same time last year). Sales To Listings Ratio is at 65% compared to 75% in March 2017.

 

Vancouver East – 162 Units Sold so far in April 2017 and should finish with approximately 350 sales compared to 384 units sold in March 2017. Total New Listings so far in April 2017 are 268 and should finish with approximately 520 compared to 529 in March 2017. Total Active Listings are at 1,025 (643 at the same time last year). Sales To Listings Ratio is at 60% compared to 73% in March 2017.

 

North Vancouver – 120 Units Sold so far in April 2017 and should finish with approximately 250 sales compared to 261 units sold in March 2017. Total New Listings so far in April 2017 are 150 and should finish with approximately 300 compared to 342 in March 2017. Total Active Listings are at 400 (338 at the same time last year). Sales To Listings Ratio is at 80% compared to 746 in March 2017.

 

West Vancouver – 42 Units Sold so far in April 2017 and should finish with approximately 90 sales compared to 97 units sold in March 2017. Total New Listings so far in April 2017 are 99 and should finish with approximately 200 compared to 209 in March 2017. Total Active Listings are at 481 (432 at the same time last year). Sales To Listings Ratio is at 42% compared to 46% in March 2017.

 

Richmond – 228 Units Sold so far in April 2017 and should finish with approximately 500 sales compared to 537 units sold in March 2017. Total New Listings so far in April 2017 are 290 and should finish with approximately 590 compared to 683 in March 2017. Total Active Listings are at 1,103 (1,192 at the same time last year). Sales To Listings Ratio is at 79% compared to 79% in March 2017.

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“Some people walk in the rain, others just get wet” – Roger Miller

Attached are the Sales and Listings Stats updated to the end of March 2017. The real estate market in Metro Vancouver heated up in March, much more so than our weather!  The townhouse and condo market continues to be the life of the market, although the detached market is picking up steam. There were 3,632 homes sold in Greater Vancouver in March this year compared with 5,301 sales in a record March last year. Sales were up from 2,461 last month though. The big change from last year is the lack of new listings coming on market. This March there were 4,891 new listings compared to 6,447 in March of 2016 – down 26 per cent. Total Active Listings remain at the same level of last year which is keeping Month’s Supply of homes at 2 months in Greater Vancouver. Condos in Vancouver’s Westside is at 1 Month’s Supply, similarly with Condos in Richmond which actually had more sales in March than new listings. Total Active Listings for condos in Richmond are down to 266 from a high of over 1,000 two years ago.

 

The mix of sales continues to show that condos have taken over the market with 50 per cent of all sales in Greater Vancouver being condos while last year in March they were 42 per cent. Detached home sales were 40 per cent of all sales in March 2016 while account for only 32 per cent this year. East Vancouver and Richmond realized one of the bigger month over month gains with East Vancouver Detached House sales nearly doubling from their February level. Without any increase in listing levels, pressure will continue to push prices up in the attached market and keep them from moving any further downward on the detached side and likely showing some appreciation.

 

“While demand in March was below the record high of last year, we saw demand increase month-to-month for condos and townhomes,” Jill Oudil, Real Estate Board of Greater Vancouver president said. “Sellers still seem reluctant to put their homes on the market, making for stiff competition among home buyers. Homes prices will likely continue to increase until we see more housing supply coming on to the market.”

 

In the Fraser Valley, propelled by significant activity in attached categories, March housing sales reached their second highest point in ten years, trailing only last year’s extraordinary market levels. The Fraser Valley saw 2,213 sales of all property types in March, a decrease of 26.4 per cent compared to March 2016 and up 58.5 per cent compared to February 2017. There were 3,072 new listings in March, a 41.5 per cent increase from February 2017 and a 24.3 per cent decrease compared to March 2016 at 4,057 new listings.

 

Sales and Listings Report All Residential for March 2017

 

Sales and Listings Report Houses Townhouses Condos March 2017

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in March 2017 was 3,632 – up from 2,461 (48%) in February 2017, down from 5,301 (31%) in March 2016, down from 4,132 (12%) in March 2015; Active Listings are at 8,211 compared to 8,118 at this time last year; New Listings in March 2017 were down 26% compared to March 2016; Month’s Supply of Total Residential Listings is down to 2 Month’s Supply (Balanced Market still with Detached Houses and Attached a Seller’s Market) and a Sales to Listings Ratio of 74% compared to 82% in March 2016 and 65% in February 2017.

 

Vancouver Westside Residential: Total Units Sold in March 2017 was 616 – up from 505 (22%) in February 2017, down from 1,001 (50%) in March 2016, down from 825 (39%) in March 2015; Active Listings are at 1,342 compared to 1,304 at this time last year; New Listings in March 2017 were down 24% compared to March 2016; Month’s Supply of Total Residential Listings is down to 2 Month’s Supply (Balanced Market still with Detached Houses and Attached a Seller’s Market) and a Sales to Listings Ratio of 75% compared to 92% in March 2016 and 73% in February 2017.

 

Vancouver Eastside Residential: Total Units Sold in March 2017 was 384 – up from 229 (68%) in February 2017, down from 476 (19%) in March 2016, down from 464 (17%) in March 2015; Active Listings are at 984 compared to 610 at this time last year; New Listings in March 2017 were down 8% compared to March 2016; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Balanced Market still with Detached Houses and Attached a Seller’s Market) and a Sales to Listings Ratio of 73% compared to 82% in March 2016 and 56% in February 2017.

 

North Vancouver Residential Total Units Sold in March 2017 was 261 – up from 216 (21%) in February 2017, down from 407 (47%) in March 2016, down from 399 (35%) in March 2015; Active Listings are at 413 compared to 407 at this time last year; New Listings in March 2017 were down 23% compared to March 2016; Month’s Supply of Total Residential Listings is steady at 2 Month’s Supply (A Balanced to Seller’s Market with Detached Houses and Attached a Seller’s Market) and a Sales to Listings Ratio of 76% compared to 92% in March 2016 and 73% in February 2017.

 

West Vancouver Houses: Total Units Sold in March 2017 was 97 – up from 57 (70%) in February 2017, down from 179 (55%) in March 2016, down from 135 (29%) in March 2015; Active Listings are at 471 compared to 409 at this time last year; New Listings in March 2017 were down 15% compared to March 2016; Month’s Supply of Total Residential Listings is down to 5 Month’s Supply (Still a Buyer’s Market with Detached and Seller’s Market with Attached) and a Sales to Listings Ratio of 46% compared to 73% in March 2016 and 38% in February 2017.

 

Richmond Residential: Total Units Sold in March 2017 was 537 – up from 338 (59%) in February 2017, down from 663 (19%) in March 2016, down from 553 (3%) in March 2015; Active Listings are at 1,154 compared to 1,213 at this time last year; New Listings in March 2017 were down 31% compared to March 2016; Month’s Supply of Total Residential Listings is down to 2 Month’s Supply (Balanced Market still with Detached Houses and Attached Acting a Seller’s Market) and a Sales to Listings Ratio of 79% compared to 71% in March 2016 and 67% in February 2017.

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