January 2017 Market Commentary
January started off with a "Bang!" in the Attached market Downtown.
But not all markets are the same:
While the Metro Vancouver Market moved from a Seller's Market (36%) in December to a Balanced Market (19%) in January, this was mainly felt in the Detached House Market because the Attached Market segment is still pretty hot.
The Attached Market Downtown, Westside, East, North & West Vancouver had sales-to-listings ratios ranging from 30% to 40% or 30 to 40 out of 100 homes sold in each market segment, which is considered a Seller's Market.
Meanwhile Detached homes on Vancouver's Westside, East, North & West Vancouver had sales-to-listings ratios of 6% to 9% or 6 to 9 homes sold out of 100, which is considered a Buyer's Market. Median prices decreased from -1% in East Van to -10% in West Van and -19% on the Westside.
North Vancouver entered a Balanced Market at a 16% sales-to-listings ratio and median prices remained flat.
With inventories remaining elevated in the majority of the Detached House market segments, we anticipate prices to decline further.
This will impact how to best market your home for sale to achieve your desired result and create opportunity when trying to make a lateral move in the Detached Market.
Because there is often more downward pressure on higher priced homes, this decreases "the gap" between lower prices homes and your "step up" in the market.
Wondering what this means to you and your goals?
Call 604-992-1831 or email me and let's talk.