The market in Vancouver is on the rise. There has been a shift in the market, leading towards prices leveling up from both buyer's and seller's perspectives, allowing a more stable market, making a shift towards the equilibrium. A Vancouver realtor knows what's going on behind the scenes.
Let’s have a look at the statistics to understand the shift in the market better:
Overall, the average prices for houses are $1.0M with a monthly change of 14% (falling prices), a quarterly change of 12 % (falling prices), and lastly, a yearly change of 15.9 % (falling prices).
Vancouver Housing Inventory
In Vancouver this month, there have been 521 new listings (last 28 days). There were 135 homes sold (last 28 days), and they remained 35 average days on the market. Lastly, there was a 96% selling to listing price ratio. These statistics seem to be great and in favor of the market as a rebound to its previous, not very good days.
Detached Houses Statistics:
For a two Bedroom detached house, there were three listings, 57% less from the past month. Moreover, there were no listings at all for the sole listings, rendering it to be a 100% fall in the listings. Currently, the active listings are 27, with a fall of 57%.
For overall listings of bedrooms, there were 138 new listings with a fall of 15%. The sold listings were 25, with a fall of 48%. Moreover, there were 863 active listings with a fall of 23%, and they remained 27 days on the market on average, with a fall of 39%. Lastly, the sale to list ratio was 92.86%, with an increase of 2%.
For 1 Bedroom townhouses, there were two listings with no change at all. Moreover, 13 active listings were found with a rise of 117%. For all townhouses, there were 64 new listings with a fall of -9%. 8 sold listings were found with a 64% fall, and lastly, there were 313 new listings with a fall of 2%.
For overall condo listings, there were 293 new listings with a fall of 5%, 102 sold listings with a fall of 11%. Moreover, there were 1138 active listings with a fall of 11%, and they remained 36 days in the market on an average with a fall of 8%. Lastly, the sale to list ratio was 97.06%, with a 15% increase.
The Vancouver market seems to be stabilizing for good.