The 2017 Metro Vancouver real estate market opened at 10.3% below the 10-year sales average for January.
“From a real estate perspective, it’s a lukewarm start to the year compared to 2016,” said Real Estate Board of Greater Vancouver president Dan Morrison. “While we saw near record-breaking sales at this time last year, home buyers and sellers are more reluctant to engage so far in 2017.”
1,523 residential properties sold last month, a 39.5% decrease from the 2,519 sales in January 2016 and a 11.1% decrease from the 1,714 sold in December 2016.
Property type is proving to be a key factor as townhome and condominiums continue to be active markets while detached homes are declining in popularity by about 7% since their peak last July.
An in-depth look at January 2017 Sales:
The 2017 Metro Vancouver real estate market opened at 10.3% below the 10-year sales average for January.
“From a real estate perspective, it’s a lukewarm start to the year compared to 2016,” said Real Estate Board of Greater Vancouver president Dan Morrison. “While we saw near record-breaking sales at this time last year, home buyers and sellers are more reluctant to engage so far in 2017.”
1,523 residential properties sold last month, a 39.5% decrease from the 2,519 sales in January 2016 and a 11.1% decrease from the 1,714 sold in December 2016.
Property type is proving to be a key factor as townhome and condominiums continue to be active markets while detached homes are declining in popularity by about 7% since their peak last July.
An in-depth look at January 2017 Sales:
New Listings (detached, attached, and apartment): 4,140
6.8% decrease from January 2016
215.5% increase from December 2016
Total Active listings on MLS®: 7,238
9.1% increase from January 2016
14.1% increase from December 2016
Sales-to-Active Listings Ratio: 21%
Benchmark price for all residential properties: $896,000
0.2% decrease from December 2016
Benchmark price for a detached property is $1,474,800
6.6% decline over the past 6 months
0.6% decrease from December 2016
Detached property sales totaled 444
57.6% decrease from January 2016
Benchmark price for an apartment property is $512,300
0.3% increase over the past 6 month
0.4% increase from December 2016
Apartment property sales totaled 825
24.7% decrease from January 2016
Benchmark price for an attached unit is $666,500
0.4% decrease over the past 6 months
0.7% increase from December 2016
Attached property sales totaled 254
32.4% decrease from January 2016
For a complete comparison, visitrebgv.org. Want to sell, buy, or require a consultation? Contact us today!
*REBGV Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.