VANCOUVER WEST JANUARY HOUSE MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release notes that January 2022 sales of all residential properties are 25.3 percent above the 10 year average for the month. However they were still down by 4.4 percent last month compared to January 2021. Buyer apathy is not the issue, it’s a nagging low supply, and that has spawned heightened competition with subsequent upward pressure on prices. Annually, new listings drop 6.9 percent while the total inventory of listed properties falls 31.8 percent year to year. Last month the composite value of all properties is 18.5 percent higher than the previous January.
The graph shows a sharp increase of 5 percent from December to January in the average price for detached properties. The benchmark price for detached homes in January 2022 is 22.7 percent higher than last January. Year to year the volume of house sales is down by 15.9 percent.
Last month versus January 2021, Vancouver west detached prices repeat an increase of 8.6 percent. Year to year west side house sales are down 5.8 percent. January 2022 inventory is 26.4 percent higher than that of the previous January.
From December to January west side house sales decline 17.7 percent. Month to month detached inventory is way up, by 122 percent.