Lower Mainland Real Estate Sales Stats For May 3, 2018

Lower Mainland Real Estate Sales Stats For May 3, 2018 (REBGV/FVREB)

Real Estate Board of Greater Vancouver (REBGV) Results

Date# Of
Sales
Avg
List
Price
Avg
Sale
Price
Avg
Diff$
Avg
Diff%
Avg
DOM
2018-05-0384$1,098,955$1,080,485$18,4691.6818

Fraser Valley Real Estate Board (FVREB) Results
Date# Of
Sales
Avg
List
Price
Avg
Sale
Price
Avg
Diff$
Avg
Diff%
Avg
DOM
2018-05-0388$695,026$688,787$6,2380.9017

Results for Both Boards
Date# Of
Sales
Avg
List
Price
Avg
Sale
Price
Avg
Diff$
Avg
Diff%
Avg
DOM
2018-05-03172$892,294$880,082$12,2121.3718

New Listings – 362
Sales – 172
Sell/List – 47.51%

  • 6 properties sold for $2 million or more.
  • 46 sold for $500,000 or less.
  • The least expensive sale? $160k 1 bedroom in Mission selling roughly $20k over list.
  • Most expensive? Close to $5 million dollar Westside house selling about 10% under list.

What about the attached market?

Real Estate Board of Greater Vancouver (REBGV) Attached Results

Date# Of
Sales
Avg
List
Price
Avg
Sale
Price
Avg
Diff$
Avg
Diff%
Avg
DOM
2018-05-0357$866,553$867,803$-1,249-0.1414

Fraser Valley Real Estate Board (FVREB) Attached Results
Date# Of
Sales
Avg
List
Price
Avg
Sale
Price
Avg
Diff$
Avg
Diff%
Avg
DOM
2018-05-0354$475,473$476,380$-906-0.1914

Attached Results for Both Boards
Date# Of
Sales
Avg
List
Price
Avg
Sale
Price
Avg
Diff$
Avg
Diff%
Avg
DOM
2018-05-03111$676,298$677,381$-1,082-0.1614

New Listings – 174
Sales – 113
Sell/List – 64.94%

These are detached:

Real Estate Board of Greater Vancouver (REBGV) Detached Results

Date# Of
Sales
Avg
List
Price
Avg
Sale
Price
Avg
Diff$
Avg
Diff%
Avg
DOM
2018-05-0326$1,628,603$1,571,000$57,6033.5426

Fraser Valley Real Estate Board (FVREB) Detached Results
Date# Of
Sales
Avg
List
Price
Avg
Sale
Price
Avg
Diff$
Avg
Diff%
Avg
DOM
2018-05-0331$1,041,286$1,027,058$14,2281.3718

Detached Results for Both Boards
Date# Of
Sales
Avg
List
Price
Avg
Sale
Price
Avg
Diff$
Avg
Diff%
Avg
DOM
2018-05-0357$1,309,185$1,275,171$34,0132.6021

New Listings – 176
Sales – 57
Sell/List – 32.39%

Some people may do the math on total sales minus detached and attached and find a discrepancy. I also track land only and multi-family sales, but they’re usually such small numbers I don’t calculate averages, etc.

How to read these tables:

The first column is date, which is self-explanatory. The second is the number of sales in the specific area. Sales include detached, attached, apartment, land only and multi-family. Multi-family tends to include smaller multi-unit buildings rather than apartment buildings, which usually turn up on the commercial MLS system. There are also few multi-family sales each week. The third column is average list price for the day – in other words, the total of all list prices divided by the number of new listings. The fourth column is the average sales price of all sales reported that day. The sales are reported after subjects are removed, and can be from 0 to perhaps 14 days old. Listings, by comparison, are generally brand new, and lag by at most 3-5 days (in times of high listing volume the lag can be a little more, but not as much as with sales).

The fifth and sixth columns show the difference between average list price and sell price in dollar figures and percentages. Hot markets see properties sell within 1%-1.5% of list price.

The last column is days on market (DOMs). In most real estate markets 60 DOMs is by no means bad, and would often be regarded as great. In the Lower Mainland, especially compared to the last decade, it is high. Hot markets see DOMs like 30.

Vancouver real estate sales statistics are courtesy of the Real Estate Board of Greater Vancouver, and while all efforts are made to ensure their accuracy, neither the REBGV nor Rob Chipman are liable for any errors.

2 comments

  1. Attached vs Detached, two different markets. Wondering how long it will take to see some price reductions in the condo segment.

  2. I think that’s the logical thing to wonder about. If average attached price in REBGV is mid $800s how long do buyers accept that before deciding to buy a detached property in the FVREB? There’s only $150-200k difference between the two averages now. If detached continue to rise more slowly than attached and the gap between the two closes it seems logical that only one of two things can happen: house prices jump again or attached prices start falling somehow.

    With rising interest rates and tougher mortgage rules it’s hard to imagine houses going up. If attached prices retreat what does that look like? Another split, this time within the attached market, where new stuff still commands a premium but anything older gets a steeper depreciation discount?

    It’s hard to say, but something has to give as far as I can see.

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