The April 2017 stats released by the Real Estate Board of Greater Vancouver (REBGV) show that demand for condominiums and townhouses continues to drive the Metro Vancouver real estate market, and we are firmly in a seller’s market.
By looking at the following key indicators, we can get a better understanding of last months’ results:
In Greater Vancouver there were 3553 registered home sales on the MLS last month. This number is down 25% from April 2016, and 4.8% above the April 10 year sales average. For the first 4 months of the year, townhomes and condos accounted for 68% of all residential sales, making them the most sought after property types in today’s market. The sales are up 10% from the same period last year.
In April 2017, there were 4907 new listings, up 3% from March 2017, but down 20% from April 2016.
The benchmark price for all residential homes in Metro Vancouver in April 2017 was $941,100. This is up 2.4% from March 2017 and up 11.4% from April 2016. Over the last few months, condos have increased in price by 8.2%, townhomes by 5.3% and detached homes by 2.8%.
Sales-To-Active Listings Ratio
This ratio explains the relationship between supply and demand that influences price. The ratio for April is 45% across all property types. Despite the fact that it is down 2% from last month, the ratio is firmly entrenched in seller market territory.
When the ratio is around or below 12% for a sustained period, then there is downward pressure on prices, and when it is above 20% for a sustained period, there is upward pressure.
Get the full report here.
Buying a home in a seller’s market requires a real estate professional with experience and local knowledge. If you are looking to buy a home in the Greater Vancouver area, contact us. We are one of Vancouver’s established real estate firms and have been in the real estate business for over 28 years.