We hope everyone had a great Holiday Season to cap off the eventful year of 2017!
The Metro Vancouver market continued to be buoyed up by those buyers that were trying to meet the end-of-the-year deadline for the new mortgage changes and this meant that many sales were over the asking price.
As an example of buyer's desperation, we are working with some clients that participated in a Christmas Eve multiple offer on a property in Surrey. There were 26 offers on the property! This same one bedroom and den apartment had been purchased within the previous year for $271K and sold for $375K! It must have been very discouraging for 25 of the 26 buyers that took time out of their holiday preparations to make an offer.
December sales in the Fraser Valley were the second highest ever, only lagging behind the sales of December of 2016.
Here are a few tables to better show what the most recent market statistics are doing.
For example, for one bedroom units in Metro Vancouver, 8 of the 16 sales (50%) were at or above the asking price (99.7% of the asking price, on average) and were on the market for an average of 13 days in the last "week" of December.
Note that I have extended the week to the dates of December 23rd to December 31st to account for the two holidays.
The Metro Vancouver market continued to be buoyed up by those buyers that were trying to meet the end-of-the-year deadline for the new mortgage changes and this meant that many sales were over the asking price.
As an example of buyer's desperation, we are working with some clients that participated in a Christmas Eve multiple offer on a property in Surrey. There were 26 offers on the property! This same one bedroom and den apartment had been purchased within the previous year for $271K and sold for $375K! It must have been very discouraging for 25 of the 26 buyers that took time out of their holiday preparations to make an offer.
December sales in the Fraser Valley were the second highest ever, only lagging behind the sales of December of 2016.
Here are a few tables to better show what the most recent market statistics are doing.
For example, for one bedroom units in Metro Vancouver, 8 of the 16 sales (50%) were at or above the asking price (99.7% of the asking price, on average) and were on the market for an average of 13 days in the last "week" of December.
Note that I have extended the week to the dates of December 23rd to December 31st to account for the two holidays.
Metro Vancouver Attached Property Sales in the last week of December
From the REBGV's December Stats:
From the REBGV's December Stats:
The sales-to-active listings ratio for December 2017 is 29.0 percent (November was 32.0 percent). By property type, the ratio is 14.4 percent for detached homes (Nov was 15.9 percent) , 38.8 percent for townhomes (November was 36.4 percent) , and 59.6 percent for condominiums (November was 67.8 percent).
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.
Included below are the latest statistics for real estate in the REBGV (Real Estate Board of Greater Vancouver) and FVREB (Fraser Valley Real Estate Board) areas. You will find a clickable link to each area below which will open up as a separate PDF file.
Click on the links below for the statistics package for your area:
(The links each take a few second to open as they are files stored on my Google Drive.)
Here are the full statistic packages for:
Greater Vancouver
The Fraser Valley (which includes Surrey, North Surrey, South Surrey/White Rock, Cloverdale, Delta, Langley, Abbotsford, Chilliwack, and Mission.)
Below is a link to a graph showing the rise in prices in the Lower Mainland just for resale properties (no new homes) over the last year. This link is live so it will update when the new statistics come in each month.
LINK to live graph
Please feel free to contact us if you would like specific information for your sub-area or if you would like a market evaluation of the value of your home.
All the best to everyone for a memorable 2018!
Barry, Olga, and Alice
www.teamurbannest.com
102-403 North Road, Coquitlam, BC, V3K 3V9
