The Metro Vancouver housing market remained stable in January with the average home price rising 0.6%, compared with December, to $1,056,500. This came as sales fell 9.8%, compared with December, to 1,818.
Apartments, or condominiums, were responsible for the entire price increase given that those homes rose in value by 1.5%, compared with December, to $665,400.
In contrast, detached homes fell in price by 0.3%, compared with December, to $1,601,500 while attached home prices were largely unchanged at $803,700.
“Demand remains elevated and listings scarce in the attached and apartment markets across Metro Vancouver,” said Jill Oudil, Real Estate Board of Greater Vancouver president.
“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.”
Last month’s sales were 7.1% more than the 10-year average for home sales in January. By property type, detached-home sales were down 24.8% compared with the 10-year average for January home sales, while attached-home sales increased 14.3% and apartment sales were up 31.6% compared with that same 10-year average for January home sales.
The total number of properties listed for sale on the multiple listing service (MLS) system in Metro Vancouver is 6,947 – a 4% decrease compared to January 2017, when there were 7,238 homes listed for sale, and and a 0.2% decrease compared to December 2017, when 6,958 homes were listed for sale.
The sales-to-active-listings ratio for all Metro Vancouver homes in January was 26.2%.
Real estate insiders tend to describe the market as a “buyers’ market” when the sales-to-active-listings ratio is less than 13%, and a “sellers’ market” when that ratio is above about 20% for several months in a row.
Using that guide, the Metro Vancouver residential real estate market is still considered a sellers’ market.
By Glen Korstrom BIV