With the end of 2017, let’s look at the performance of Vancouver Real Estate market from a statistical point of view. Total dollar volumes, median sales price and new listings will be discussed here.
Although these numbers will not give you an exact idea of where the market stands currently, but it will showcase the overall summary of the year and will allow you to predict the trends heading into 2018.
Detached total Dollar Volume:
The dollar volume describes the total amount spent of purchases in Real Estate. According to stats, Vancouver’s total detached dollar volume was $6.4 billion in 2017, which is down from $8.6 billion from the previous year (2016) and it shows a 25% decline in the total Volume. This is further shown in the graph below.
Total Detached Sales:
2017 showed a significant cut down in detached sales which totaled 2,434. The number of sales in 2015 were 3,946, and it was 3,059 in 2016 so this year’s sales were 20% less from the prior year’s sales. A graph showing sales from 1998 to 2017 is as follows:
Total New Listings for 2017:
As you can see from the above statistics, 2017 was not the best year for Vancouver Real Estate but the downfall is not that significant and for the new listings that occurred in 2017, we saw a nominal 9% decline from the previous year. 2017 total listings totaled 5,578 which were 6,156 in 2016 and a graph showing the total listings from 1998 to 2017 is as follows:
Vancouver Condo Prices:
There was a significant in a Vancouver condo’s average sale price and median sales price. Average sales price increased by 13% to $849,712, while the median sales price saw an increase of 18% which totaled $695,000. A graph illustrating the stats from 1998 to 2107 is as follows:
The key take away from the stats shown above is the new listings which was almost record low levels in 2017 and the only reason for that could be the rising prices so every wants to hold on and wait for a better price to sell. The largest price increases might be behind us, so we should expect a steady market in 2018.