Vancouver West Houses 1 2017
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release alerts us to a marked reduction last month in Real Estate activity, mostly with detached houses, that puts Metro Vancouver 10.3 percent below its10 year sales average for the month of January. While it is hard to quantify the cooling effect (literally and figuratively) from half of the month spent under an abnormal blanket of snow and ice, the bearish market that ushered out 2016 has clearly spilled over to start the new year.
Last month compared to January of 2016 composite value of all Metro Vancouver properties is up 15.6 percent. Residential sales drop 39.5 percent year to year. New listings of all property types are down 6.8 percent January to January while the total inventory of listed properties is up by 9.1 percent annually.
The graph shows the average price for Metro Vancouver detached properties plummeting 10.4 percent from December to January. The benchmark price for detached houses last month compared to January 2016 is up 15.8 percent. The volume of house sales is down 57.6 percent year to year.
Last month versus January 2016 Vancouver west detached prices are 16.8 percent higher. Year to year west side detached sales fall precipitously by 73.1 percent. January to January inventory is down by 4.6 percent.
December to January sales of west side houses decline 43.8 percent. Month to month detached inventory balloons by a whopping 375.4 percent.