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.