Market Update March 2017
The following charts provide statistics for detached townhouses and condos for areas included in the Real Estate Board of Greater as well as the Fraser Valley Real Estate Board. These charts provide historical information about the housing market but they are not intended to provide future forecasts of market conditions. Definitions Sales to Active Ratio: A measure of balance between supply and demand in the housing market. It is calculated as the number of unit sales divided by the number of active listings. Generally, a seller s market is 21% or higher, a balanced market is 15-20%, and a buyer s market is 14% or less. o A seller s market usually occurs when interest rates are low allowing more buyers to and/or when there is a shortage of homes for sale. o A buyer s market occurs when there is an excess supply of homes for sale and not enough active buyers. Average percent of original price: The percent of original price is the difference between the list price (ask price) of the listing compared to the final sales price after negotiations. During a seller s market, it is normal to see sales prices that are very close to ask, or in some cases, above the original list price. The opposite is true for buyer s markets. Average days on market: The amount of time that a home is listing can have an important impact on the final negotiated price. Homes are most attractive during the first 2 weeks on the market. There are a number of reasons for this including the effect of marketing exposure and the price of the listing compared to other homes in the market. : Includes, Burnaby, Coquitlam, Port Coquitlam, Port Moody, Bowen Island, Gulf Islands, Ladner, New Westminster, North, Pitt Meadows and Maple Ridge. : Includes Surrey, Cloverdale, Langley, Abbotsford, Mission and North Delta.
3- Year Sales to Active Ratio The Sales to Active Ratio indicates that we are firmly in the spring market. In March, the SA ratio was 25% for detached homes, 83% for condos and 63% for townhouses. Detached homes have moved from a balanced market to a seller s market and condos/townhouses are in strong seller s markets. Like Greater, the SA ratio increased in favour of home sellers. In March, the SA ratio was 36% for detached homes, 99% for condos and 103% for townhouses. All types of homes are in strong seller s markets.
10-Year Average Sales Price Average sales price dropped slightly from February. In March, the average detached home sold for $1.721 mill, the average condo sold for $589,656 and the average townhouse sold for $777,196. These represent price changes from the same time last year of -3.9%, +4.5% and +13.3% respectively. In March, the average detached home sold for $950,168, the average condo for $299,725 and the average townhouse for $501,018. These numbers represent price changes from the same month last year of -1.2%, +16.3% and +20% respectively.
3-Year Average Percent of Original Price On average, homes are selling very close to or above asking price. In March, the average detached home sold for 96.9% of ask, the average condo for 101% and average townhouse for 100%. On average, homes sold very close to asking price. In March, the average single family sold for 98% of ask, the average condo for 100% and the average townhouse for 100%.
3-Year Average Days on Market The amount of time that a home stays on market dropped last month. In March, the average detached home was on market for 39 days, the average condo for 23 days and average townhouse for 27 days. The valley saw similar drops in ADOM as Greater. In March, the ADOM was 34 days for detached, 21 for condos and 18 for townhouses.
3-Year Total Sales Total sales were up from the previous month in all housing types. In March, there were 1,161 detached sales, 1,847 condo sales and 510 townhouse sales. Sales are up in the Valley too. In March, there were 925 detached sales, 638 condo sales and 526 townhouse sales.