Vancouver West December House Market
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release labels 2017 Real Estate activity as closer to historic norms when contrasted with the heated pace seen in 2016 and 2015. While sales last year ranked third in averages over the past 10 years [thanks mostly to condos and townhouses], in 2016 they were 9.9 percent higher. Year over year benchmark prices were 15.9 percent higher even while properties listed fell 5.1 percent. New mortgage rules and interest rates poised to rise make 2018 predictions a tough call.
Last month Metro Vancouver Real Estate surpassed the 10 year sales average for December by 7.5 percent. Total residential sales increase 17.6 percent compared to December 2016. Year to year new listings are 44.1 percent higher while total inventory of listed properties is up 9.7 percent. The composite value of all Metro Vancouver properties increases 15.9 percent December 2017 over December 2016.
The graph shows a lift for the average price of Metro Vancouver detached properties, increasing 0.9 percent from November to December. The benchmark price for detached houses last month compared to December 2016 is up 7.9 percent. The volume of house sales is up 14 percent year to year.
Contrasting last month with December 2016 Vancouver west detached prices are 4 percent higher. December to December west side house sales plummet 43.7 percent. Year to year inventory declines 10.3 percent.
November to December sales of west side houses fall significantly by 56.6 percent. Month to month detached inventory is 51.7 percent lower.