The sales for March 2018 continued the sag in the market seen in February. Houses in particular have seen a dramatic drop in sales and the accompanying rise in unsold inventory. Higher priced areas are experiencing the biggest drop in sales whereas more affordable single family homes (under $1M) in both the Metro Vancouver and Fraser Valley areas are continuing to sell fairly quickly. (19 and 20 days respectively.)
Townhouses and condos continue to soar in price and sell in a heartbeat, although we are experiencing less offers in multiple offer situations than we were seeing just a few months ago. Regardless, it is still a difficult situation for many buyers that are already bumping into their affordability ceiling.
The Fraser Valley sales were still marginally above the 10 year average, with an almost equal division between attached and detached sales (52% of the total sales were townhouses and condos).
For the Fraser Valley, the sales to active ratios for townhomes and condos were 67% and 71% respectively, while single family homes were at about 18%. This means, with no additional inventory, single family homes have about 4 months of unsold inventory.
Here are a few tables to better show what the most recent market statistics are doing.
As an example of reading the statistics below: for one bedroom units in Metro Vancouver, 68 of the 98 sales (69%) were at or above the asking price (102.4% of the asking price, on average) and were on the market for an average of 11 days in the last week of February.
Red numbers means the number is lower than the previous month.
Blue numbers mean that the number is higher than the previous month.
Green numbers mean that the number is the same as last month.
Metro Vancouver Attached Property Sales in the last week of March
Townhouses and condos continue to soar in price and sell in a heartbeat, although we are experiencing less offers in multiple offer situations than we were seeing just a few months ago. Regardless, it is still a difficult situation for many buyers that are already bumping into their affordability ceiling.
The Fraser Valley sales were still marginally above the 10 year average, with an almost equal division between attached and detached sales (52% of the total sales were townhouses and condos).
For the Fraser Valley, the sales to active ratios for townhomes and condos were 67% and 71% respectively, while single family homes were at about 18%. This means, with no additional inventory, single family homes have about 4 months of unsold inventory.
Here are a few tables to better show what the most recent market statistics are doing.
As an example of reading the statistics below: for one bedroom units in Metro Vancouver, 68 of the 98 sales (69%) were at or above the asking price (102.4% of the asking price, on average) and were on the market for an average of 11 days in the last week of February.
Red numbers means the number is lower than the previous month.
Blue numbers mean that the number is higher than the previous month.
Green numbers mean that the number is the same as last month.
Metro Vancouver Attached Property Sales in the last week of March
Fraser Valley Attached Property Sales in the last week of March
Metro Vancouver Detached Property Sales in the last week of March
Fraser Valley Detached Property Sales in the last week of March
From the REBGV's March Stats: (I've added the text within the brackets)
For all property types, the sales-to-active listings ratio for March 2018 is 30.0% (February was 28.2%, January was 26.2%, and December was 26.0% so the trend overall is slightly upwards). By property type, the ratio is 14.2% for detached homes (February was 13.0%, January was 11.6%, and December was 14.4%), 39.9% for townhomes (February was 37.6%, January was 32.8%, and December was 38.8%), and 61.6% for condominiums (February was 59.7%, January was 57.2%, and December was 59.6%).
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 (in blue) 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.)
For all property types, the sales-to-active listings ratio for March 2018 is 30.0% (February was 28.2%, January was 26.2%, and December was 26.0% so the trend overall is slightly upwards). By property type, the ratio is 14.2% for detached homes (February was 13.0%, January was 11.6%, and December was 14.4%), 39.9% for townhomes (February was 37.6%, January was 32.8%, and December was 38.8%), and 61.6% for condominiums (February was 59.7%, January was 57.2%, and December was 59.6%).
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 (in blue) 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.)