Lower Mainland Real Estate Benchmark Prices for September 2016
We spent couple days to make 9 super detailed heat maps of Lower Mainland September 2016 Real Estate Prices. We broke it down to neighbourhoods and type of property so everybody can see what happened with their home prices. Enjoy!
Home sales for both Metro Vancouver and Fraser Valley regions have reached a significant low as of September 2016, with inventory in the Fraser Valley reaching the highest it’s been in all of 2016. Sales have decreased in both regions to below the ten-year sales average for the first time this year.
Sales in both regions saw a huge dip in sales: down 24.4 percent in the Fraser Valley to 1,305 sales and down 32.6 percent to 2,253 sales in Greater Vancouver.
Single Family Homes Benchmark Price September 2016
Single Family Homes Benchmark Price September 2016, 1 month change, %
Single Family Homes Benchmark Price September 2016, 1 year change, %
Sales to listing ratios are now closer to the 20 percent mark – a much more “normalized” state for the market, which gives buyers a much more comfortable environment to shop in. Analysts note that downward pressure on home sale prices tend to occur when the sales-to-listings ratio reaches lower than 12 percent for a sustained period; and home prices tend to experience upward pressure when it reaches above 20 percent for a number of months.
Supply and demand has also changed drastically: there is a shift towards more demand for condominiums and townhomes today, rather than detached homes.
Benchmark prices for homes in both the Greater Vancouver and Fraser Valley regions have also grown substantially when compared to previous years – but are on a slight decline when compared to previous months of this year. In Greater Vancouver, September 2016 saw a benchmark price of $931,900 – an increase of 28.9 percent compared to September of the previous year; Fraser Valley saw an even larger increase for townhomes – 35.7 percent, increasing the benchmark price to $419,300, and up 37.7 percent for detached homes to $878,100.
Apartments Benchmark Price September 2016
Apartments Benchmark Price September 2016, 1 month change, %
Apartments Benchmark Price September 2016, 1 year change, %
In the Fraser Valley region, the number of days a house stayed on the market before being sold increased significantly to 27 days. That number was 17 days in June of this year – just three months prior.
Sales of detached homes sunk the most rapidly – down by almost 50 percent in the Greater Vancouver area to just 666 sales in the entire region. Apartments and townhomes both also decreased in sales: down by 20.3 percent for apartments and 32.2 percent for townhomes in Greater Vancouver. Fraser Valley showed similar decreases.
Total active listings as of September 2016 for Greater Vancouver was 9,354 – a 13.4 percent decrease from September 2015, but a 10 percent increase from August 2016. Again, the Fraser Valley region saw very similar numbers: 6,422 total active listings, an increase of 5.2 percent month-to-month, but a 9.8 percent decrease when compared to September 2015.
These changes to the real estate market are caused by a new environment in which the summer “sizzle” has finished, and demand is starting to produce numbers more in line with previous years. The dramatic numbers, experts say, appear more significant than they may actually be due to the heated market over the past seven months.
For more detailed information on September’s housing market – including specific information on neighbourhoods, and by property type, please see our maps below.
Townhomes Benchmark Price September 2016
Townhomes Benchmark Price September 2016, 1 month change, %
Townhomes Benchmark Price September 2016, 1 year change, %
All data displayed on the map is provided by Real Estate Board of Greater Vancouver and Fraser Valley Real Estate Board and www.estateblock.com. All information deemed reliable but not guaranteed and should be personally verified.
Please hover the neighbourhoods for more information. Have any questions? Feel free to ask us in the comments below.
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