Market Statistics - April 2018 - Urban Nest Real Estate Team

The sales for April of 2018 has continued the dip seen in the last few months. Historically, April sales are strong as it is in the middle of the Spring season but this April saw sales at a 17 year low.

Townhouses and condos continue to rise in price and sell in a short period of time. That period of time is growing, although in most cases they are selling within 2 or 3 weeks rather than within the first 10 days. This isn't enough of a difference to exhibit downward pressure on prices. Except for circumstances in which an owner has to sell in a short period of time, we probably won't see significant drops in home prices until homes are sitting on the market for a few months on average.

The Fraser Valley is still seeing price appreciation in most areas, especially in the condo and townhouse market. 53% of the total sales were townhouses and condos last month.

For the Fraser Valley, the sales to active ratios for townhomes and condos were 51% and 62% respectively (67% and 71% last month), while single family homes were at about 25% (18% last month). 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, 82 of the 118 sales (69%) were at or above the asking price (102.7% of the asking price, on average) and were on the market for an average of 12 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 April

# Sales at/over Asking	Total Sales	% of Sales at/over Asking	Type of Unit	% of Asking Price	Avg Days on Market
5	6	83%	Studio (0 bdrm)	105.4%	7
82	118	69%	1 bedroom	102.7%	12
75	140	54%	2 bedrooms	100.5%	14
24	50	48%	3+ bedrooms	99.6%	21
186	314	59%	Total of all types	101.0%	14

Fraser Valley Attached Property Sales in the last week of April

# Sales at/over Asking	Total Sales	% of Sales at/over Asking	Type of Unit	Avg Paid over Asking	Avg Days on Market
2	4	50%	Studio (0 bdrm)	99.5%	11
20	27	74%	1 bedroom	102.8%	11
48	69	55%	2 bedrooms	101.0%	13
19	32	56%	3+ bedrooms	100.1%	18
80	136	59%	Total of all types	100.9%	14

Metro Vancouver Detached Property Sales in the last week of April

# Sales at/over Asking	Total Sales	% of Sales at/over Asking	Sale Price	% of Asking Price	Avg Days on Market
9	14	64%	$0 to $999,999	99.6%	12
16	58	28%	$1M to $1.999M	98.4%	24
7	36	19%	$2M and up	91.1%	34
32	108	30%	Totals	94.0%	26

Fraser Valley Detached Property Sales in the last week of April

# Sales at/over Asking	Total Sales	% of Sales at/over Asking	Sale Price	% of Asking Price	Avg Days on Market
24	58	41%	$0 to $999,999	99.7%	14
9	21	43%	$1M to $1.999M	98.5%	18
0	2	0%	$2M and up	94.5%	26
33	81	41%	Totals	98.9%	15

From the REBGV's April Stats: (I've added the text within the brackets)

For all property types, the sales-to-active listings ratio for April 2018 is 26.3% (March was 30.0%, February was 28.2%, and January was 26.2%, so last month broke the upward trend). By property type, the ratio is 14.1% for detached homes (March was 14.2%, February was 13.0%, and January was 11.6%), 36.1% for townhomes (March was 39.9%, February was 37.6%, and January was 32.8%), and 46.7% for condominiums (March was 61.6%, February was 59.7%, and January was 57.2%).

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.

So, April's sales-to-active ratio for all property types for the REBGV have finally reversed the trend towards a stronger Seller's Market. This will benefit buyers over the next few months as there should be less competition for attached properties as there is already with detached homes.

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.)

BURNABY/NEW WEST
Burnaby East	Burnaby North	Burnaby South	New Westminster

TRI-CITIES
Coquitlam	Port Coquitlam	Port Moody

VANCOUVER
Metro Vancouver	Vancouver East	Vancouver West

NORTH SHORE
North Vancouver	West Vancouver

SOUTH FRASER/RICHMOND
Ladner	Tsawwassen	Richmond

RIDGE MEADOWS
Pitt Meadows	Maple Ridge

UP THE COAST/ISLAND
Bowen Island	Squamish	Sunshine Coast	Whistler

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.