Summary: The detached home market has seen demand ease back to more typical levels and home buyers have more selection to choose from in the detached market today. Demand for townhouses and apartments continues to exceed supply. This condition is creating home buyer competition and putting upward pressure on prices across Greater Vancouver.
Housing Market Condition: Housing market condition and pricing can vary depending on area and property type so please consult me for your area of interest. Generally analysts say that a buyer’s market condition occurs when the sales ratio is 12% or less. Balanced market occurs when the ratio is between 13% and 20%. Seller’s market occurs when the ratio is 21% or more.
- All Properties: Seller's market with a sales ratio of 45.7%.
- Detached House: Seller's market with a sales ratio of 24.5%.
- Townhouse: Seller's market with a sales ratio of 62%.
- Apartment: Seller's market with a sales ratio of 93.2%
- Total 3,893 residential sales in June 2017.
- 10.8% decrease compared to May 2017.
- 11.5% decrease compared to June 2016.
- Total 5,721 residential new listings in June 2017.
- 5.3% decrease compared to May 2017.
- 2.6% decrease compared to June 2016.
Total Number of Listings
- 8,515 Total residential listings on the MLS® in June 2017.
- 4.2% increase compared to May 2017.
- 9% increase compared to June 2016.
Home Benchmark Price: Home benchmark price represents estimated sale price of a benchmark property. Benchmark property represents a typical property within each market.
- Detached House: Benchmark price Increase 1.4% from June 2016 to $1,587,900.
- Townhouse: Benchmark price increase 10.7% from June 2016 to $745,700.
- Apartment: Benchmark price increase 17.6% from June 2016 to $600,700.
Average Days on Market
- Detached House: June 2017, 30 days. June 2016, 23 days. June 2015, 36 days.
- Townhouse: June 2017, 21 days. June 2016, 17 days. June 2015, 34 days.
- Apartment: June 2017, 17 days. June 2016, 23 days. June 2015, 41 days.
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