{"id":7864,"date":"2018-01-03T08:29:49","date_gmt":"2018-01-03T16:29:49","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=7864"},"modified":"2018-01-03T08:29:49","modified_gmt":"2018-01-03T16:29:49","slug":"steady-sales-diminished-listings-characterize-2017-housing-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/01\/steady-sales-diminished-listings-characterize-2017-housing-market\/","title":{"rendered":"Steady Sales &#038; Diminished Listings Characterize 2017 Housing Market"},"content":{"rendered":"<p style=\"text-align: justify;\">After reaching record levels in 2015 and 2016, Metro Vancouver home sales returned to more historically normal levels in 2017. Home listings, on the other hand, came in several thousand units below typical activity.<\/p>\n<p style=\"text-align: justify;\">The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties reached 35,993 on the Multiple Listing Service\u00ae (MLS\u00ae) in 2017, a 9.9% decrease from the 39,943 sales recorded in 2016, and a 15% decrease over the 42,326 residential sales in 2015.<\/p>\n<p style=\"text-align: justify;\">Last year\u2019s sales total was, however, 9.7% above the 10-year sales average.<\/p>\n<p style=\"text-align: justify;\">\u201cIt was a steady year for home sales across the region, led by condominium and townhome activity, and a quieter year for home listings,\u201d Jill Oudil, REBGV president said. \u201cMetro Vancouver home sales were the third highest we\u2019ve seen in the past ten years while the home listings total was the second lowest on record for the same period.\u201d<\/p>\n<p style=\"text-align: justify;\">Home listings in Metro Vancouver reached 54,655 in 2017. This is a 5.1% decrease compared to the 57,596 homes listed in 2016 and a 4.5% decrease compared to the 57,249 homes listed in 2015.<\/p>\n<p style=\"text-align: justify;\">Last year\u2019s listings total was 4.4% below the 10-year listings average.<\/p>\n<p style=\"text-align: justify;\">\u201cMarket activity differed considerably this year based on property type,\u201d Oudil said. \u201cCompetition was intense in the condominium and townhome markets, with multiple offer situations becoming commonplace. The detached home market operated in a more balanced state, giving home buyers more selection to choose from and more time to make decisions.\u201d<\/p>\n<p style=\"text-align: justify;\">The MLS\u00ae HPI composite benchmark price for all residential properties in Metro Vancouver ends the year at $1,050,300. This is up 15.9% compared to December 2016.<\/p>\n<p style=\"text-align: justify;\">The benchmark price of condominiums increased 25.9% in the region last year. Townhomes increased 18.5% and detached homes increased 7.9%.<\/p>\n<p style=\"text-align: justify;\">\u201cStrong economic growth, low interest rates, declining unemployment, increasing wages and a growing population all helped boost home buyer demand in our region last year,\u201d Oudil said.<\/p>\n<p style=\"text-align: justify;\"><strong>December Summary<\/strong><\/p>\n<p style=\"text-align: justify;\">Sales of detached, attached, and apartment properties totalled 2,016 in the region in December 2017, a 17.6% increase from the 1,714 sales recorded in December 2016 and a 27.9% decrease compared to November 2017 when 2,795 homes sold.<\/p>\n<p style=\"text-align: justify;\">Last month\u2019s sales were 7.5% above the 10-year sales average for the month.<\/p>\n<p style=\"text-align: justify;\">\u201cAs we move into 2018, REALTORS\u00ae are working with their clients to help them understand how changing interest rates and the federal government\u2019s new mortgage qualifications could affect their purchasing power,\u201d Oudil said. \u201cOnly time will tell what impact these rules will have on the market.<\/p>\n<p style=\"text-align: justify;\">\u201cHome buyers today should get pre-approved before making an offer to ensure that your home buying goals align with your financial situation,\u201d Oudil said.<\/p>\n<p style=\"text-align: justify;\">There were 1,891 residential homes newly listed for sale in December 2017. This represents a 44.1% increase compared to the 1,312 homes listed in December 2016 and a 54% decrease compared to November 2017 when 4,109 properties were listed.<\/p>\n<p style=\"text-align: justify;\">The total number of homes currently listed for sale on the MLS\u00ae in Metro Vancouver is 6,958, a 9.7% increase compared to December 2016 (6,345) and a 20.5% decrease compared to November 2017 (8,747).<\/p>\n<p style=\"text-align: justify;\">The sales-to-active listings ratio for December 2017 is 29%. By property type, the ratio is 14.4% for detached homes, 38.8% for townhomes, and 59.6% for condominiums.<\/p>\n<p style=\"text-align: justify;\">Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12% mark for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.<\/p>\n<p style=\"text-align: justify;\">Sales of detached properties in December 2017 reached 617, a 14% increase from the 541 detached sales recorded in December 2016. The benchmark price for a detached home in the region is $1,605,800. This represents a 7.9% increase compared to December 2016.<\/p>\n<p style=\"text-align: justify;\">Sales of apartment homes reached 1,028 in December 2017, a 12.3% increase compared to the 915 sales in December 2016.The benchmark price of an apartment in the region is $655,400. This represents a 25.9% increase compared to December 2016.<\/p>\n<p style=\"text-align: justify;\">Attached (or townhome) property sales in December 2017 totalled 371, a 43.8% increase compared to the 258 sales in December 2016. The benchmark price of an attached home in the region is $803,700. This represents an 18.5% increase compared to December 2016.<\/p>\n<p><a href=\"http:\/\/www.rebgv.org\/sites\/default\/files\/REBGV-Stats-Pkg-Dec-2017.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to view the stats package.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After reaching record levels in 2015 and 2016, Metro Vancouver home sales returned to more historically normal levels in 2017. Home listings, on the other hand, came in several thousand &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/01\/steady-sales-diminished-listings-characterize-2017-housing-market\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-7864","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Steady Sales &amp; Diminished Listings Characterize 2017 Housing Market &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/01\/steady-sales-diminished-listings-characterize-2017-housing-market\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Steady Sales &amp; Diminished Listings Characterize 2017 Housing Market &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"After reaching record levels in 2015 and 2016, Metro Vancouver home sales returned to more historically normal levels in 2017. 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