Strong Start to 2018 Real Estate Sales
I hope that you have enjoyed a successful and happy start to your new year.
Recent sales data released by the Greater Vancouver Real Estate Board indicates a stronger than usual start to sales for this time of year. Overall sales in the Greater Vancouver area were 19 % higher than this time last year, and 7 % higher than the 10-year average.
For the first month of the year, home buyer demand differed depending on property type. Overall, detached home sales for January were down 25 % compared to the 10-year average for the month, while townhome sales were up 14 % and condominium sales were up 32 % over the average.
A shortage of listings for townhome and condominium properties and elevated demand is creating competition for these properties and is likely to raise prices in the coming months. Buyers for detached homes have much more selection to choose from and face less competition in the purchasing process.
Overall prices in Greater Vancouver are up for all categories of properties. In general, the MLS Housing Price Index composite benchmark for detached homes is up 8 % from last year, townhomes prices are up 18 %, and the benchmark price for condominiums is up 28 %. However, we are seeing up to 15 percentage points variation in price gains between communities. For example, your property value may have risen 20 % since last year while in another community the gain is 5 %.
If you are interested in a valuation of your current home or the market gains and activity in another community, please feel free to contact me. I look forward to hearing from you.
In the interim, I wish you a pleasant start to Spring.