Greater Vancouver Home Sales went up 22% in August
There’s a new trend in home buying as the interest and demand has shifted from detached homes to condos and townhouses. With this change, detached homes have now entered a “balanced market”, meaning that there’s less pressure on prices. But what does that mean for the rest of the market?
Here are the key things to note about this months stats:
1. There was a 22.3% sales increase since August 2016
Yes, it’s true, August residential property sales have increased by 22.3% compared to the previous year. According to the Real Estate Board of Greater Vancouver (REBGV), they totaled at 3,043, an increase from the 2,489 sales in August 2016. The sales were 19.6% higher than the 10 year average for August sales.
2. Demand is high for condos and townhouses
It’s a great time to be a condo right now. Condo’s, by the amount of 1,613, were quickly exchanging hands in August 2017. This is a 20.1% increase from August 2016 where only 1,343 saw a change of ownership. Currently, condos are the only property type to see a month-over-month increase. Sales from this August is almost 9% greater than July’s, raising the overall Greater Vancouver home sales up by 2.8% compared to July.
3. First-time home buyers are leading the sales
No more renting for these folks. It’s time to settle down and actually own your home. “Homes priced between $350,000 and $750,000 have been subject to intense competition and multiple offers across the region,” claims Jill Oudil, president of REBGV.
4. Now’s a great time to sell
Attached properties are all the rage for this month. Whether it’s a townhouse, duplex, condo or row house, these attached homes are what everyone is looking for in today’s market. With great prices and a high demand, if you’re thinking of selling your condo or townhouse, now is a great time to contact Team Leo. Call them at 604-936-1111 (toll free at 1-800-939-6838) or email them at firstname.lastname@example.org.
Market activity returned to near record levels across the Metro Vancouver housing market in May.
Residential property sales in the region totalled 4,364 in May 2017, a decrease of 8.5 per cent from the 4,769 sales in May 2016, an all-time record, and an increase of 22.8 per cent compared to April 2017 when 3,553 homes sold.
Last month’s sales were 23.7 per cent above the 10-year May sales average and is the third-highest selling May on record.
“Demand for condominiums and townhomes is driving today’s market activity,” Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president said. “First-time buyers and people looking to downsize from their single-family homes are both competing for these two types of housing.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,044 in May 2017. This represents a 3.9 per cent decrease compared to the 6,289 units listed in May 2016 and a 23.2 per cent increase compared to April 2017 when 4,907 homes were listed.
The month-over-month increase in new listings was led by detached homes at 27.1 per cent, followed by apartments at 22.7 per cent and townhomes at 14.1 per cent.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,168, a 5.7 per cent increase compared to May 2016 (7,726) and a 4.5 per cent increase compared to April 2017 (7,813).
“Home buyers are beginning to have more selection to choose from in the detached market, but the number of condominiums for sale continues to decline,” Oudil said.
The sales-to-active listings ratio across all residential categories is 53.4 per cent. By property type, the ratio is 31 per cent for detached homes, 76.1 per cent for townhomes, and 94.6 per cent for condominiums.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
“While sales are inching closer to the record-breaking pace of 2016, the market activity itself looks different. Sales last year were driven by demand for single-family homes. This year, it’s clear that townhomes and condominiums are leading the way,” said Oudil. “It’s important to work with your local REALTOR® to understand the different factors affecting the market today.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $967,500. This represents an 8.8 per cent increase over May 2016 and a 2.8 per cent increase compared to April 2017.
Sales of detached properties in May 2017 reached 1,548, a decrease of 17 per cent from the 1,865 detached sales recorded in May 2016. The benchmark price for a detached property is $1,561,000. This represents a 3.1 per cent increase over May 2016 and a 2.9 per cent increase compared to April 2017.
Sales of apartment properties reached 2,025 in May 2017, a decrease of 5.8 per cent compared to the 2,150 sales in May 2016.The benchmark price for an apartment property is $571,300. This represents a 17.8 per cent increase over May 2016 and a 3.1 per cent increase compared to April 2017.
Attached property sales in May 2017 totalled 791, an increase of 4.9 per cent compared to the 754 sales in May 2016. The benchmark price for an attached property is $715,400. This represents a 13.1 per cent increase over May 2016 and a 1.9 per cent increase compared to April 2017.
March 2017: Most Average Home? This is the difference between a fast selling house and an affordable house!
Most Average Home in the Tri-Cities? What are the specs of a house that will sell for over a million? Over asking price?
The detached real estate market in the Tri-Cities area is quickly warming! March was an extremely busy month in terms of activity for our team. What is the average home listed for? How do fast selling homes and affordable homes differ from this average? As our last blog post was on condos, today we’ll be looking at what the detached housing market currently looks like! This includes all sold properties in Coquitlam, Port Coquitlam, and Port Moody for the month of March 2017.
The Most Average Home
Out of 166 detached home sales in the month of March:
- Average Listing Price: $1,206,175
- Average Size: 2797 sqft
- Average Age: 34 years
- Average Market Days To Sale: 35 days
Using these numbers, it turns out that the most ‘average’ house that sold in March was none other than 921 Citadel Drive, Port Coquitlam. The listing realtor was Zane Patni.
AFFORDABLE SELLERS: Houses Sold Under A Million
- 33% of homes sold under $1,000,000
- The size of these homes was 31% below average
- These houses were 27% older than average
- These houses sold 24% slower than average
- 42% of these homes sold over asking price
FAST SELLERS: Houses Sold In Under One Week
- 50% of homes sold in under one week
- The size of these homes was 15% below average
- These houses were 9% older than average
- These houses were listed for 8% cheaper than average
- 50% of these homes sold over asking price
Are there any other stats you’d be interested in knowing? Drop us an email or submit a contact form and we will make that happen.
All stats are approximations using MLS data as of April 23rd, 2017 and were calculated for informal use. These stats should not be referenced for legal purposes.
The gears of the Real Estate market are turning just as quickly as the weather has flipped from More Snow Than Calgary to our beloved rainy with a chance of extra rain. Housing activity has warmed like our weather eventually will.
Jokes aside, we are experiencing another spike in the market after our relatively calm winter months. The snow is gone, spring cleaning is progressing, the Evergreen Line is booming, and condos are selling! As observed by the graph below, the Coquitlam condo market has spiked to higher levels than even last year!
What does this mean for you?
Potential Buyers: Be prepared and on top of the latest listings. The Coquitlam condo market is in fierce competition and you need to be in the know-how to obtain that dream home you’ve been eying!
Potential Sellers: Your condo is the hot commodity in the real estate market this season! Take the extra time to make sure you are fully prepared to sell. Maximize the value of your house before putting it on the market! Ensure your home is strategically positioned and priced for maximum return.
Professional advice is always recommended when it comes to large transactions such as real estate, but it will always be beneficial to first do your own research.
In spirit of this news about the condo market, here are a few fun facts!
The Most Expensive Condo in Coquitlam
3002-3007 GLEN DRIVE :: Central Coquitlam
List Price: $1,250,000
- 2 Bedrooms
- 3 Bathrooms
- 1316 sq. ft.
- Breathtaking views
This two year old penthouse in the heart of Coquitlam boasts spectacular finishings and panoramic in a new building… at the cost of $1,250,000. Live in the lap of luxury!
Listed by: Roy Choi PREC, Keller Williams Elite Realty
The Fastest Selling Condo in Coquitlam
402 1438 PARKWAY BOULEVARD :: Westwood Plateau
- List Price: $469,000
- 2 Bedrooms
- 2 Bathrooms
- 948 sq. ft.
- Ideal for investors
A cozy two bedroom condo in a great neighbourhood. Pets and rentals both being allowed means that homes similar to this are ideal for investors! Stay on your toes if you’re on the lookout for homes like this.
Listed by: Louise Hendricks, RE/MAX All Points Realty
Here’s a more detailed breakdown of the Coquitlam Condo activity last month:
Condos in Coquitlam, particularly those around the Evergreen Line, are on our watch list for sure. Click here to start shopping!
The beautiful and classic city of New Westminster is an excellent place to live. With the addition of the Evergreen Extension and the two Expo Line routes that pass through, connecting New Westminster to Coquitlam, North Burnaby, Vancouver and Surrey, we can only expect promising changes to this market.
Here’s the October market report from REBGV!
The condo market in New Westminster continues to be fast paced, with 87 sales and 157 listings in the last month! The benchmark price for a condo in New Westminster was $376,800 in the month of October. Many new condos are placed onto the market every day. It’s an ideal time for buyers as many homeowners are in the mindset of selling.
The benchmark price for detached homes was $1,046,000 and the market has not changed drastically over the last month. Homes continue to be listed and sold at a slightly faster pace than the previous month, lasting an average of 23 days on the market before being sold.
The market for townhomes in New Westminster continues to move at a fast pace. The limited inventory of 15 active listings means that listings to sell within 8 days of being listed! If you’re looking to get into the townhome market, let us know so that we can send you alerts as soon as a new property becomes available!
The majority of detached properties in New Westminster fall in the $900k to $1,500k range. Listings and sales are spread out throughout the entire city and do not have any tendency to concentrate in any specific neighbourhood.
Most condos in New Westminster fall within the $400k to $900k range, with a good number of lower priced ones available as well. Higher priced condos tend to be listed in the Fraserview NW region, while other hot locations include Downtown NW, Quay, and Uptown NW.
Townhomes in New Westminster also fall within the $400k to $900k range. Key neighbourhoods with townhomes for sale are Fraserview NW, Queensborough, and GlenBrooke North.
Despite the recent market craze, detached homes in New Westminster have dropped back to a balanced market. Prices of condos and townhomes are slowly falling and the sales-to-active ratios are falling back towards the buyer’s favour, but remain in a seller’s market.
Here are some properties for sale in New Westminster.
Thinking of buying or selling? Get in touch – we can help!
Demand for homes in Maple Ridge is at a record high! The drastic changes to the housing market in the Greater Vancouver area have rippled out east, and the numbers definitely show it.
Here are the latest market stats from REBGV.
The benchmark price of detached homes has remained relatively stable over the last month which was $714,600 in October. The market is speeding up with increased sales and new listings popping up. This offers lots of options for homebuyers looking to get in for showings, and also indicates a healthy and active market.
The majority of property listings for detached homes in Maple Ridge fall within the $400k-$900k range. The market for higher priced houses is slower but with plenty of inventory available. The neighbourhood of Albion has the highest number of sales, while West Central has the highest quantity of listings.
Townhomes in Maple Ridge are selling quickly and steadily increasing in price. The benchmark price in October for a Maple Ridge townhouse was $405,000. On average, homes are selling within 18 days of going on the market. This is not outrageously quick, but a good pace. If you’re looking to buy in the market, you will need to keep on your toes to keep up with this pace!
The majority of property listings for townhouses in Maple Ridge fall within the $400k-$900k range. The majority of sales and new listing activity for townhomes is in the Cottonwood MR and East Central neighbourhoods. The Albion neighbourhood has seen a number of active listings with fewer sales.
Condos and apartments in Maple Ridge have remained relatively steady in price. Condos are selling slower than they were back in September. The benchmark price for a condo in Maple Ridge was $205,500 in October.
The majority of the Maple Ridge condos fall between the $200k to $400k range, and are located in the East Central neighbourhood. Higher priced condos tend to sell within the week they are listed, whereas lower priced condos will sell but sit on the market for longer periods of time. This is a great opportunity for first time buyers to get into the market and browse available inventory without feeling pressured.
The above diagram shows that despite the recent spikes in the housing market over the last year, the Maple Ridge housing market has begun to stabilize and is falling back towards the buyer’s favour. Maple Ridge is a great neighbourhood to move into and the real estate market is healthy.
Thinking of buying or selling? Get in touch – we can help!