Greater Vancouver Housing Market Update for Jan 2019
Summary: Home sales went down 39.3% from the same month a year ago and up 2.9% from Dec 2018. Last month’s sales were 36.3% below the 10-year January sales average and were the lowest January-sales total since 2009. Home listings continue to increase across all housing types and we see more traffic at open houses for well-priced homes compared to recent months. However, home buyers are taking a wait-and-see approach. We also see home prices have edged down across all housing types over the last 7 months.
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: Buyer's market with a sales ratio of 10.2%.
- Detached House: Buyer's market with a sales ratio of 6.8%.
- Townhouse: Buyer's market with a sales ratio of 11.9%.
- Apartment: Balanced market with a sales ratio of 13.6%
- Total 1,103 residential sales in Jan 2019.
- 2.9% increase compared to Dec 2018.
- 39.3% decrease compared to Jan 2018.
- Total 4,848 residential new listings in Jan 2019.
- 244.6% increase compared to Dec 2018.
- 27.7% increase compared to Jan 2018.
Total Number of Listings
- Total 10,808 residential listings on the MLS® in Jan 2019.
- 5.2% increase compared to Dec 2018.
- 55.6% increase compared to Jan 2018.
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 decrease 9.1% from Jan 2018 to $1,453,400.
- Townhouse: Benchmark price decrease 0.5% from Jan 2018 to $800,600.
- Apartment: Benchmark price decrease 1.7% from Jan 2018 to $658,600.
Average Days on Market
- Detached House: Jan 2019, 64 days. Jan 2018, 54 days. Jan 2017, 57 days.
- Townhouse: Jan 2019, 52 days. Jan 2018, 30 days. Jan 2017, 43 days.
- Apartment: Jan 2019, 47 days. Jan 2018, 28 days. Jan 2017, 34 days.
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