Attached and apartment homes are in demand across Metro Vancouver while detached home buyers are facing less competition today.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,818 in January 2018, a 19.4 per cent increase from the 1,523 sales recorded in January 2017, and a 9.8 per cent decrease compared to December 2017 when 2,016 homes sold.

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.

DETACHED HOME STATISTICS

Median List Price:
$3,548,400
Days on Market:
48
Price Per Foot:
$1,207
Total Inventory:
672
Sales / Listings Ratio:
7%   (Buyers Market)


TOWNHOME STATISTICS

Median List Price:
$1,247,900
Days on Market:
14
Price Per Foot:
$1,044
Total Inventory:
109
Sales / Listings Ratio:
17%   (Balanced Market)


CONDO STATISTICS

Median List Price:
$812,400
Days on Market:
10
Price Per Foot:
$1,125
Total Inventory:
585
Sales / Listings Ratio:
42%   (Sellers Market)


What Does This Mean?

We're seeing very different behaviours across each of the three property types.  Detached Homes have plateaued in price and are sitting on the market longer than last year. Buyers have more to choose from and can negotiate terms and price easier.  Sellers must price right and use a great agent to market their property if they are looking to sell in a shorter time frame.

The Townhome market is considered 'Balanced' where buyers and sellers have equal opportunities.  This is somewhat new territory for this style of home and may very well not last.   It has been in the sellers market for the past year.  Prices do continue to rise as inventory remains low. 

The Condo market is the most active where most properties that are listed sell the same week, in multiple offers, for over asking price.