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MARKET UPDATE FOR JANUARY 2018
Real Estate Board or Greater Vancouver
Snapshot of # of Homes Sold:
Detached +9.7% Jan2018 vs Jan2017...
Condo +22.7% Jan2018 vs Jan2017
Attached/Townhouses +25.6% Jan2018 vs Jan2017
BUYER DEMAND BASED ON PROPERTY TYPE
Attached and apartment homes are in demand across Metro Vancouver while detached home buyers are facing less competition today.
Last month’s sales were 7.1 per cent above the 10-year January sales average. By property type, detached sales were down 24.8 per cent from the 10-year January average, attached sales increased 14.3 per cent and apartment sales were up 31.6 per cent over the same period.
“Demand remains elevated and listings scarce in the attached and apartment markets across Metro Vancouver,” Jill Oudil, REBGV president said. “Buyers in the detached market are facing less competition and have much more selection to choose. For detached home sellers to be successful, it’s important to set prices that reflect today’s market trends.”
For all property types, the sales-to-active listings ratio for January 2018 is 26.2 per cent. By property type, the ratio is 11.6 per cent for detached homes, 32.8 per cent for townhomes, and 57.2 per cent for condominiums.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
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