Vancouver West House Market
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release paints a robust picture for strata units to start 2018 but for detached homes not so much. The supply of apartments and townhomes is not meeting demand whereas houses are the only sector to slip under the 10 year sales average for January. Also the detached sales-to-active ration is now at 11.6 percent and a sustained period under the 12 percent threshold will likely put downward pressure on the value of those properties. Last month total residential sales increase 19.4 percent compared to January 2017. Year to year new listings are 8.3 percent lower while total inventory of listed properties is down 4 percent. The composite value of all Metro Vancouver properties increases 16.6 percent January 2018 over January 2017.
The graph shows a dip for the average price of Metro Vancouver detached properties, dropping 0.95 percent from December to January. The benchmark price for detached houses last month compared to January 2017 is up 8.3 percent. The volume of house sales is up 9.7 percent year to year.
Last month versus January 2017 Vancouver west detached prices are 3.8 percent higher. Rebounding year to year, west side house sales are up 27.7 percent. This while January to January inventory declines 13.3 percent.
December to January sales of west side houses pivot to the plus side, increasing 27.8 percent. Month to month detached inventory balloons, up 272.2 percent.