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!

 

Sales and listings stats are attached as of February 11, 2018. Total sales so far in February for Greater Vancouver is at 787 compared to 948 at the same point in February last year. New listings are at 1,633 so far compared to 1,383 at the same point last year. Vancouver’s West Side is off last year’s pace in February significantly with on 144 homes sold compared to 222 at the same point last year, and a much higher stock of listings coming on. Markets going east are showing higher absorption rates, with price point being the biggest driver in the market currently. The new financing rules are undoubtedly having their impact on the market. With the lack of inventory on the lower end, properties are still seeing multiple offers though and the lack of available produce may be part of the reason for slower sales to start. But with a trend so far of stronger new listings in February, competition may ease slightly if at all. The balance of price and ability to pay may put some controls on the market in the higher price points of apartments and townhouses. With the Provincial budget coming in just over a week, a lot will be happening with very little month left! Here is a summary of the activity so far:

 

Sales and Listings Stats All Regional for Feb 11 2018

 

Sales and Listings Stats Houses Townhouses and Condos for Feb 11 2018

 

Greater Vancouver – 787 Units Sold so far in February 2018 compared to 948 Units as of February 12, 2017. Total New Listings so far in February 2018 are 1,633 compared to 1,383 at the same time in February 2017. Total Active Listings are at 7,842 (7,841 at the same time last year). Sales To Listings Ratio is at 48% compared to 69% in January 2017.

 

Vancouver West - 144 Units Sold so far in February 2018 compared to 222 Units Sold as of February 12, 2017. Total New Listings so far in February 2018 are 376 compared to 267 at the same time in February 2017. Total Active Listings are at 1,458 (1,325 at the same time last year). Sales To Listings Ratio is at 38% compared to 83% in January 2017.

 

Vancouver East – 88 Units Sold so far in February 2018 compared to 92 Units Sold as of February 12, 2017. Total New Listings so far in February 2018 are 152 compared to 147 at the same time in February 2017. Total Active Listings are at 919 (894 at the same time last year). Sales To Listings Ratio is at 57% compared to 63% in January 2017.

 

North Vancouver – 58 Units Sold so far in February 2018 compared to 84 Units Sold as of February 12, 2017. Total New Listings so far in February 2018 are 103 compared to 113at the same time in February 2017. Total Active Listings are at 440 (398 at the same time last year). Sales To Listings Ratio is at 56% compared to 74% in January 2017.

 

West Vancouver – 787 Units Sold so far in February 2018 compared to 1,649 Units Sold as of February 12, 2017. Total New Listings so far in February 2018 are 1,633 compared to 1,383 at the same time in February 2017. Total Active Listings are at 7,842 (7,841 at the same time last year). Sales To Listings Ratio is at 48% compared to 69% in January 2017.

 

Richmond –  106 units Sold so far in February 2018 compared to 116Units Sold as of February 12, 2017. Total New Listings so far in February 2018 are 1,633 compared to 1,383 at the same time in February 2017. Total Active Listings are at 183 (184 at the same time last year). Sales To Listings Ratio is at 48% compared to 69% in January 2017.

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Attached are the Sales and Listings Report updated to the end of January 2018. The real estate market in Metro Vancouver clearly is suffering from a lack of supply currently. For the third straight year, new listings for Greater Vancouver in January decreased from the year before. With 3,906 new listings in January this year, it was 21 per cent down from the 10 year average. Even with snow being on the ground for most of January last year, Sellers were still more hesitant to list their homes for sale this January. There were 8 per cent less new listings compared to January 2017, 14 per cent less new listings than January 2016 and 20 per cent less new listings than January 2015. Total sales for Greater Vancouver in January were 1,864 – up 6.5 per cent from January 2017 and up 6.4 per cent on the ten year average. Detached sales were down 24.8 per cent from the 10-year January average, townhouse sales increased 14.3 per cent and apartment sales were up 31.6 per cent over the same period. Total active listings were at 7,371 at month’s end, compared to 7,874 in January 2017, 7,471 in January 2016 and 11,753 in January 2015.

 

So where have all the Sellers gone? Detached homes are sitting in balanced to buyer’s market conditions with 5 month’s supply and higher in some areas (West Side Detached is sitting at 13 month’s supply with only 46 homes sold in January (compared to 36 in January 2017). While townhouse and apartments have 2 month’s supply and in some areas 1 month’s supply. That segment of the market continues to be the most active and under-inventoried part of real estate in Metro Vancouver. And with that, pressure on prices continues with multiple offer scenarios still occurring – more so in the apartment market. Will February see an increase in listings? That would certainly be helpful for buyers if it were to happen. With the global economy continuing to be strong, and equities markets allowing for increases in stock equity, there may be more money available for real estate as money is pulled out of stocks and put in the real estate market to balance portfolios. With an interest rate increase in January, the more stringent qualifying requirement for mortgages with over 20 per cent down payment and the provincial budget coming out on February with a number of items to address housing affordability, it will be a month of potential answers to this question of inventory as we see how the market reacts.

 

“Demand remains elevated and listings scarce in the attached and apartment markets across Metro Vancouver,” Jill Oudil, Real Estate Board of Greater Vancouver president said. “Buyers in the detached market are facing less competition and have much more selection to choose from. For detached home sellers to be successful, it’s important to set prices that reflect today’s market trends.”

 

In the Fraser Valley, there were 1,210 sales of all property types which was a 24 per cent increase compared to January of last year and a 10 per cent decrease from December 2017. Likely as many buyers were trying to purchase ahead of the mortgage rule changes that came into place on January 1, 2018. Of the 1,210 sales last month, 281 were townhouses and 338 were apartments. There were 2,092 new listings in January, a 63.8 per cent increase from December 2017 and a 3.9 per cent decrease compared to January 2017.

 

Sales and Listings Stats Houses Townhouses Condos January 2018

 

Sales and Listings Stats All Regional January 2018

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in January 2018 was 1,846 – up from 1,553 (19%) from January 2017, down from 2,574 (28%) in January 2016; Active Listings are at 7,371 compared to 7,834 at this time last year; New Listings in January 2018 were down 8% compared to January 2017; Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Seller’s Market for Apartments and Townhouses with Detached Acting Like a Buyer’s Market) and a Sales to Listings Ratio of 47% compared to 37% in January 2017.

 

Vancouver Westside Residential: Total Units Sold in January 2018 was 313 – up from 271 (15%) from January 2017, down from 473 (34%) in January 2016; Active Listings are at 1,331 compared to 1,355 at this time last year; New Listings in January 2018 were down 9% compared to January 2017; Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Seller’s Market for Apartments and Townhouses with Detached Acting Like a Buyer’s Market) and a Sales to Listings Ratio of 39% compared to 30% in January 2017.

 

Vancouver Eastside Residential: Total Units Sold in January 2018 was 137 – down from 139 (1%) from January 2017, down from 207 (34%) in January 2016; Active Listings are at 922 compared to 874 at this time last year; New Listings in January 2018 are up 5% compared to January 2017; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Balanced Market with Detached Acting Like a Buyer’s Market) and a Sales to Listings Ratio of 34% compared to 33% in January 2017.

 

North Vancouver Residential Total Units Sold in January 2018 was 132 – up from 107 (23%) from January 2017, down from 167 (21%) in January 2018; Active Listings are at 413 compared to 398 at this time last year; New Listings in January 2018 were down 1% compared to January 2017; Month’s Supply of Total Residential Listings is up to 3 Month’s Supply (Seller’s Market for Apartments and Townhouses with some Buyer’s Market tendencies) and a Sales to Listings Ratio of 45% compared to 36% in January 2017.

 

West Vancouver Houses: Total Units Sold in January 2017 was 43 – up from 26 (65%) from January 2017, down from 108 (60%) in January 2016; Active Listings are at 493 compared to 416 at this time last year; New Listings in January 2018 were down 5% compared to January 2017; Month’s Supply of Total Residential Listings is up to 11 Month’s Supply (Extreme Buyer’s Market) and a Sales to Listings Ratio of 23% compared to 13% in January 2017.

 

Richmond Residential: Total Units Sold in January 2017 was 275 – up from 225 (22%) from January 2017, down from 396 (30%) in January 2016; Active Listings are at 1,104 compared to 1,154 at this time last year; New Listings in January 2018 were down 18% compared to January 2017; Month’s Supply of Total Residential Listings is at 4 Month’s Supply (Seller’s Market for Apartments and Townhouses with Detached Acting Like a Buyer’s Market) and a Sales to Listings Ratio of 50% compared to 34% in January 2017.

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