August 2017 Month End Sales Stats
Attached are the Sales and Listings Stats updated to the end of August 2017. The weather wasn’t the only hot part of Metro Vancouver with real estate sales proving that summer isn’t time off in the market. Although new listings were as dry as our weather over the last 3 months. August saw a slight increase in sales in Greater Vancouver with total units sold at 3,097 which was up from 3,012 (3 per cent) in July 2017 and up 21 per cent compared to August 2016. New listings in August were down 19 per cent compared to July 2017 and down 1 per cent compared to August 2016. Sales in Greater Vancouver were up 17 per cent on the 10 year average and new listings were down 2 per cent compared the to 10 year average. Increased demand this summer was not afforded any more inventory and thus bringing inventory levels down further. Yes, the same old story, supply is not keeping up with demand. There’s more speculation in the media as to where the buyers are coming from then actual speculation in the market. Ask many a visitor to Vancouver this summer, would they like to live here? And many just might.
Where has the market tempered? Detached properties. In Vancouver’s West Side, there were only 52 sales in August 2017. The slowest month since January and even less than August 2016 when the Foreign Buyer Tax came in and took the air out of the market to finish 2016. That brought Month’s Supply of Detached Homes on the West Side up to 14. The East Side of Vancouver fared better with 114 homes sold, compared to 111 in July and 78 last August. It’s holding at 7 Month’s Supply. West Vancouver Detached sales showed a similar result as the West Side, with only 30 homes sold compared to 41 in July and 31 last August. Perhaps some of the uncertainty formed from the change in government and prospect of further regulatory changes in real estate are affecting the higher end of the market. The apartment and townhouse market remains strong though. With sales exceeding July in most areas – a trend that is not the norm. August is typically the lull in the market as summer dreams take over new homes dreams. And supply is not coming up with Vancouver, North Vancouver and Richmond all seeing only one Month Supply of product currently on the market. The tale of two markets continues.
“First-time home buyers have led a surge this summer in demand in our condominium and townhome markets,” Jill Oudil, Real Estate Board of Greater Vancouver president said. “Homes priced between $350,000 and $750,000 have been subject to intense competition and multiple offers across the region.”
“Conditions in our detached home market are distinct today from the dynamic in our condominium and townhome markets,” Oudil said. “Detached homes have entered a balanced market. This means there’s less upward pressure on prices and that buyers have more selection to choose from and more time to make their decisions.”
According to the Fraser Valley Real Estate Board, “Persistent and growing demand for townhomes and apartments in the Fraser Valley led to the second strongest August historically in terms of sales. The Fraser Valley Real Estate Board processed 1,879 sales of all property types on its Multiple Listing Service® in August, an increase of 10.9 per cent compared to the 1,694 sales in August of last year, and a 3 per cent decrease compared to the 1,937 sales in July 2017. Of the total sales, 470 were townhouses and 548 were apartments, together representing 54 per cent of the market activity in August.” In Greater Vancouver 17 per cent of total sales were townhouses and 49 per cent were apartments for a total of 66 per cent of market activity. On the West Side of Vancouver that total jumps to 81 per cent.
Sales and Listings Stats Houses Townhouses Condos August 2017
Sales and Listings Stats for All Regional August 2017
Here’s a summary of the numbers:
Greater Vancouver: Total Units Sold in August 2017 was 3,097 – up from 3,012 (3%) in July 2017, up from 2,554 (21%) in August 2016, down from 3,431 (10%) in August 2015; Active Listings are at 9,470 compared to 9,198 at this time last year; New Listings in August 2017 were down 1% compared to August 2016; Month’s Supply of Total Residential Listings is constant at 3 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 71% compared to 58% in August 2016 and 56% in July 2017.
Vancouver Westside Residential: Total Units Sold in August 2017 was 516 – down from 525 (2%) in July 2017, up from 452 (14%) in August 2016, down from 751 (31%) in August 2015; Active Listings are at 1,596 compared to 1,474 at this time last year; New Listings in August 2017 were down 4% compared to August 2016; Month’s Supply of Total Residential Listings is constant at 3 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 69% compared to 57% in August 2016 and 53% in July 2017.
Vancouver Eastside Residential: Total Units Sold in August 2017 was 288 – down from 307 (6%) in July 2017, up from 218 (32%) in August 2016, down from 303 (5%) in August 2015; Active Listings are at 1,070 compared to 865 at this time last year; New Listings in August 2017 were down 10% compared to August 2016; Month’s Supply of Total Residential Listings is constant at 4 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 69% compared to 47% in August 2016 and 56% in July 2017.
North Vancouver Residential Total Units Sold in August 2017 was 217 – up from 200 (8%) in July 2017, up from 161 (35%) in August 2016, down from 219 (2%) in August 2015; Active Listings are at 472 compared to 395 at this time last year; New Listings in August 2017 were down 3% compared to August 2016; Month’s Supply of Total Residential Listings is down to 2 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 82% compared to 59% in August 2016 and 55% in July 2017.
West Vancouver Houses: Total Units Sold in August 2017 was 50 – down from 56 (10%) in July 2017, down from 57 (11%) in August 2016, down from 102 (51%) in August 2015; Active Listings are at 575 compared to 467 at this time last year; New Listings in August 2017 were up 16% compared to August 2016; Month’s Supply of Total Residential Listings is up to 12 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 37% compared to 49% in August 2016 and 32% in July 2017.
Richmond Residential: Total Units Sold in August 2017 was 454 – up from 404 (12%) in July 2017, up from 324 (40%) in August 2016, flat compared to 455 in August 2015; Active Listings are at 1,422 compared to 1,411 at this time last year; New Listings in August 2017 were up 15% compared to August 2016; Month’s Supply of Total Residential Listings is down to 3 Month’s Supply (Seller’s Market) and a Sales to Listings Ratio of 67% compared to 55% in August 2016 and 50% in July 2017.