Vancouver home sales plunge 40% — and now prices are beginning to follow

Existing home sales in Metro Vancouver fell almost 40 per cent in January from a year ago and prices are beginning to follow.

The Real Estate Board of Greater Vancouver said Thursday there were 1,523 sales in January 2017, down from 2,519 sales a year ago and a drop of 11.1 per cent from the 1,714 sales in December. The January sales figures were 10.3 per cent below the 10-year average for the month.

In terms of prices, the board said its MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver was $896,000 in January, a 3.7 per cent decline over the past six months and a 0.2 per cent drop from December, 2016.

“From a real estate perspective, it’s a lukewarm start to the year compared to 2016,” Dan Morrison, president of the board, said in a statement. “While we saw near record-breaking sales at this time last year, home buyers and sellers are more reluctant to engage so far in 2017.”

Related

• Toronto condo sales push to records as buyers get squeezed out of the low-rise market: report
• Foreign buyer tax in GTA would be ‘misguided’, Toronto realtors study shows

The falling numbers come as Vancouver continues to grapple with the impact of a 15 per cent foreign property transfer tax the province began imposing in August. Last month, the British Columbia premier, Christy Clark, backtracked on her foreign tax by saying foreigners with work permits who live and work in B.C. would be exempted.

Meanwhile, in Toronto, realtors released a study on Tuesday to fend off cries for a similar tax in Canada’s largest city. The study from TREB showed almost five per cent of purchases in the Greater Toronto Area can be traced to foreign buyers.

January sales figures for Metro Vancouver’s detached properties — thought to be highly sought after by overseas buyers — saw only 444 deals. The slower pace of sales, represented a 57.6 per cent decline from a year ago.

The benchmark price for detached properties was $1,474,800, a 6.6 per cent decline over the last six months and a 0.6 per cent decrease compared to December 2016.

Supply appears to be ramping up quickly. The total number of new listings for detached, attached and apartment properties in Metro Vancouver was 4,140 in January, 2017. That figure represented a 6.8 per cent decrease from a year ago but was up 215.5 per cent from December, 2016.

The total number of homes listed for sale on the Multiple Listing Service in Metro Vancouver climbed 9.1 per cent over the last year to 7,238 in January, 2017. Total listings jumped 14.1 per cent from the 6,345 listings in December, 2016.

The sales-to-active listings of 21 per cent in January, 2017 was 21 per cent, the lowest the ratio for the region in two years.

“Analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months,” the board said in a statement.

Morrison said property type is defining activity in the Greater Vancouver market. “The townhome and condominium markets are more active than the detached market at the moment,” Morrison said, adding while detached home prices are falling townhome and condominium prices are holding steady.

Apartment property sales did decline 24.7 in January, 2017 from a year ago but the benchmark price of $512,300 was only off 0.3 per cent increase over the last six months and up 0.4 per cent from December, 2016.

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Jessica Alba Drops $10M on an ‘Elegant’ Beverly Hills Mansion

Jon Kopaloff/FilmMagic

Actress and businesswoman Jessica Alba has purchased a Hamptons-esque home in the Beverly Hills area owned by Hollywood exec Mike Medavoy. According to real estate gossip Yolanda, the 90210 home was just a shade under $10 million.

When we spoke to the home’s listing agent in 2015, she described the 8,829-square-foot home as “elegant yet comfortable,” with a distinctive Ralph Lauren vibe.

The seven-bedroom, 8.5-bath house with ocean and canyon views sits on almost 2 acres of premium land. The grounds include a detached guesthouse, pavilion with kitchen, pool, and spa.

Front exterior at twilight

jademillsestates.com

The home’s interior features a formal, two-story foyer, family room with full bar, white kitchen with center island, and master suite with fireplace and terrace.

Initially listed by Medavoy and his wife in summer 2015 for $15 million, the home had its price reduced to $13 million in November 2015.

Alba, 35, has starred in the TV series “Dark Angel” and films including “Fantastic Four” and “Good Luck Chuck.” She’s a co-founder of The Honest Company, which sells nontoxic household products. She’s also starring in the role of landlord, having found a tenant willing to shell out $12,000 a month to stay in another Beverly Hills home she owns.

Medavoy, 76, has produced such blockbusters as “Rocky” and “Silence of the Lambs.” He is currently the CEO of Phoenix Pictures.

The post Jessica Alba Drops $10M on an ‘Elegant’ Beverly Hills Mansion appeared first on Real Estate News & Advice | realtor.com®.

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How Long You’ll Need to Work to Save Up a Down Payment in 15 Major U.S. Cities

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So, you’re ready to become a homeowner. You have a good job and strong credit and are confident you can make those monthly mortgage payments. The only thing holding you back is the minor matter of saving up tens of thousands of dollars for a down payment.

Coming up with that big lump sum can be tough, what with student loan debt, high rents, and that trip you already booked to the Caribbean to escape from the winter doldrums. So how many years will you have to toil away, working for the man (or yourself), in order to afford to put 20% down?

That depends on where you live. In wallet-busting cities like San Francisco, it could take nearly 10 years of work to build up that nest egg, according to a recent study from personal finance website SmartAsset. It might be time to sign up for some overtime or find a second job.

But don’t despair (unless your heart is set on the San Francisco Bay Area). In more affordable big cities like San Antonio, it is only expected to take two and a half years of hard work to piece together a down payment, according to the study.

To figure out how long buyers would need to work to save up for a down payment, SmartAsset looked at median home values and household incomes in the nation’s 15 largest cities. The data came from the U.S. Census Bureau’s 2015 Five-Year American Community Survey. The study presumed buyers would save 20% of their pay annually toward that 20% down payment.

“Even if a household saves 20% of their income, in some of the larger, more expensive cities, the ensuing mortgage payments may still be out of their reach,” says SmartAsset spokeswoman Asees Singh. So “it’s important to think about whether buying makes sense for them.”

It’s no secret that homes are so expensive in San Francisco because there simply aren’t enough on the market. That’s because about two-thirds of abodes in the city are rentals—many of which are rent-controlled, says Patrick Carlisle, chief market analyst at the Paragon Real Estate Group in San Francisco.

The typical buyer in San Francisco has landed a high-paying job in the tech industry, meaning they can afford the sky-high prices, he says. (The median home value in San Francisco was $799,600, according to SmartAsset’s study. The median list price was even higher, at $1.2 million, according to realtor.com®.)

Meanwhile, the average home in San Antonio was worth about $117,000, according to the SmartAsset study, well within the budgets of many buyers. (However, the median listing price on realtor.com was twice as much, at $235,000.)

Lower home prices and costs of living are part of the Texas city’s appeal, says local Keller Williams Realtor® Scott Jauregui. He touted the wide selection available in San Antonio, from the urban lofts downtown to larger plots of land for those who seek more space to the newer subdivisions of single-family homes being constructed on the edges of the city.

“You can get a significantly better value here,” he says. “There’s something for everyone. There’s a variety of employers, there’s a variety of entertainment [with] everything from live music to museums. It’s family-friendly. We have theme parks.”

If coming up with a 20% down payment still seems impossible, you may not even need to in many markets. The median down payment for first-time buyers is just 6%, according to the National Association of Realtors®. It climbs to 14% for repeat buyers. (However those who don’t plunk down 20% typically must pay private mortgage insurance.)

Here’s how many years buyers will need to work for to come up with a 20% down payment in those 15 top metros:

1. San Francisco, CA: 9.84 years
2. Los Angeles, CA: 9.38 years
3. New York, NY: 9.27 years
4. San Jose, CA: 7.2 years
5. San Diego, CA: 7.01 years
6. Chicago, IL: 4.59 years
7. Austin, TX: 4.17 years
8. Philadelphia, PA: 3.8 years
9. Phoenix, AZ: 3.45 years
10. Dallas, TX: 3.09 years
11. Jacksonville, FL: 2.92 years
12. Houston, TX: 2.85 years
13. Columbus, OH: 2.83 years
14. Indianapolis, IN: 2.82 years
15. San Antonio, TX: 2.5 years

The post How Long You’ll Need to Work to Save Up a Down Payment in 15 Major U.S. Cities appeared first on Real Estate News & Advice | realtor.com®.

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$2.3 Million Newly Built Colonial Home In Livingston, NJ

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LOCATION: 12 Westmount Drive, Livingston, NJ 

SQUARE FOOTAGE: 5,800

BEDROOMS & BATHROOMS: 6 bedrooms & 7 bathrooms

PRICE: $2,379,900

This newly built Colonial style stone & stucco home is located at 12 Westmount Drive in Livingston, NJ and is situated on nearly 1 acre of land. 

It features approximately 5,800 square feet of living space with 6 bedrooms, 6 full and 1 half bathrooms, foyer with staircase, formal living & dining rooms, 2-story great room, gourmet kitchen, breakfast room, wet bar, home theater, sauna, garage and more. 

It is listed at $2,379,900.

CLICK HERE FOR THE LISTING

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Our Economist’s 4 Bold February Predictions, From Interest Rates to Groundhog Shadows

Jeff Swensen/Getty Images; realtor.com

Can you believe we’re barely a month into 2017?! Whew! The year promises to hold more tumult ahead—but also growth. Yes, with a handful of early data points from January, I am prepared to make some bold predictions for how critical events are likely to unfold in February, shaping the upcoming spring buying season.

How quickly interest rates move this year will have an impact on the real estate market. Rates moved more than 50 basis points after the election and registered the highest average for a month in more than a year in December. (One basis point is equal to 0.01%.)

Though rates bounced around from day to day in January, mortgage rates on average were slightly lower in the month compared with December. This gives prospective buyers some stability to navigate a market with historically low inventory before rates continue their march upward.

Meanwhile, consumer confidence remains high to start the year. If we see good news on the employment front for January and a heartwarming sports story to distract us momentarily from politics, we can get closer to spring, with strong demand fundamentals for the housing market. So let’s shake up that magic eight ball and bravely forecast the (near) future!

Bold prediction No. 1: Mortgage rates will stay put—for now. Since the Fed announced today that it wouldn’t be raising short-term interest rates, we probably won’t see any movement until there are clear data points showing more significant growth and inflation. A change could come at the March meeting, but the next few weeks should be calm.

Bold prediction No. 2: Punxsutawney Phil will predict a longer winter, but that won’t deter home buyers. When the adorable groundhog sees his shadow, the legend holds that we endure six more weeks of winter. Yet, what the past 96 years of history shows us is that February ends up colder than the historical average only half the time when he’s spooked by his shadow. Even if the weather ends up colder, prospective home buyers will be out in large numbers in February to beat the spring crowds.

Bold prediction No. 3: February will see more new listings come on the market compared with last year. We’ve seen nine straight months in which fewer new listings were added to the market than the same month in the prior year. With home values on average recovered and existing owners looking to move before interest rates move higher, growth in February will give us just enough new inventory to keep supply from getting even tighter.

Bold prediction No. 4: Based on consumer confidence, the Atlanta Falcons will win Super Bowl LI. New England is the ultimate establishment team—no other team has been to more Super Bowls. In other words, the majority of people outside of New England want them to lose. Lose big. So when the Patriots win, it’s a blow to our collective psyche.

New England won the Super Bowl in 2002, 2004, 2005, and 2015. And in each of those Februaries, the Conference Board’s Consumer Confidence Index declined from the prior month. Likewise, the University of Michigan’s Consumer Sentiment Index also declined after Patriot wins.

With the power of the people behind them—along with their high-powered offense and killer defense—Atlanta will find a way to overcome the evil empire, and we will all feel better as a result. If we combine stronger sentiment with stable and historically low mortgage rates, strong demand, decent weather, and more inventory, we should see more happy buyers in the months ahead.

The post Our Economist’s 4 Bold February Predictions, From Interest Rates to Groundhog Shadows appeared first on Real Estate News & Advice | realtor.com®.

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Ex-NASCAR Driver and Stock Car Scion Coy Gibbs Selling in Charlotte

Albert Dickson/Sporting News via Getty Images; realtor.com

Coy Gibbs, retired NASCAR driver and son of Washington Redskins’ coach-turned-NASCAR team owner Joe Gibbs, is selling his spacious house in Charlotte, NC, for $2.15 million.

Coy Gibbs raced for three years in NASCAR in the early 2000s and moved north to work on the Redskins staff as an offensive quality control assistant from 2004 to 2007. His father won three Super Bowls with the team and has been enshrined in the Football Hall of Fame. The younger Gibbs starred at linebacker in college at Stanford, before switching gears and jumping into stock car racing.

But let’s do a lap around the house, shall we? We begin outside on the gated, half-acre lot with groomed hedges. Built in 2007, the brick home features 5,830 square feet of living space.

The first floor boasts towering built-in shelves, hardwood floors, several fireplaces, and abundant natural light, particularly coming from a wall of windows and a trio of french doors. Upstairs in the five-bedroom, 5.5-bathroom house, you’ll find a master bedroom with an efficiency kitchen, walk-out porch, walk-in closet, and master bathroom.

Gibbs, 44, is currently the COO of Joe Gibbs Racing and founder of Joe Gibbs Racing Motocross Division. He and his wife have four children.

• For more photos and details, check out the full listing.
• Homes for sale in Charlotte, NC
• Learn more about Charlotte, NC

Front exterior

realtor.com

Foyer with spiral staircase

realtor.com

Open kitchen with island

realtor.com

Master bathroom

realtor.com

A wall of french doors

realtor.com

Master bedroom

realtor.com

The post Ex-NASCAR Driver and Stock Car Scion Coy Gibbs Selling in Charlotte appeared first on Real Estate News & Advice | realtor.com®.

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Buyers priced out of Toronto’s low-rise housing market will stoke condo demand into 2017: report

Priced out of detached houses and other low-rise products, Toronto buyers poured into condominiums units last year to create a 10-year low in inventory, according to a report out Wednesday.

Urbanation Inc., which has been following the high-rise market in the Greater Toronto Area since 1981, said unsold inventory in the market at the end of 2016 was 9,932 units, a 47 per cent decline from 2015. Based on the present pace of sales, that equates to about 4.4 months of supply — well below the 10 months of supply needed for a balanced market.

The research firm said 27,217 new condo apartment units sold across the GTA in 2016, a 34 per cent increase from 2015 and enough to break the record set in 2011. Urbanation said the record was set with fewer new pre-construction launches — there were 18,466 in 2016 versus 28,204 in 2011 — but the lack of new buildings and strength of demand helped push the unsold inventory levels down.

Related

• Foreign buyer tax in GTA would be ‘misguided’, Toronto realtors study shows
• Toronto’s new home prices hit fresh record as housing shortage nears ‘crisis levels’

Urbanation is now predicting the lack of inventory in the high-rise market will lead to slowdown in sales and is forecasting only 23,000 new condo apartment sales in 2017. The firm expects developers will respond to market conditions by launching more projects in 2017.

‘The new condo market is experiencing broad-based demand that will carry forward in 2017,” said Shaun Hildebrand, senior vice-president of Urbanation. “Buyers, priced out of the low-rise segment, a surge in rental demand and increased attention from investors are placing downward pressure on condo inventories which will support strong price growth this year.”

The overall index price for sold units in active development jumped three per cent in the fourth quarter from a year ago to $586 per square foot. In the former city of Toronto, the average selling price within projects launched in 2016 jumped 14 per cent compared to projects in 2015 to an average of $746 per square foot. At the end of 2016, the average remaining inventory in the old city of Toronto was $795 per square foot.

Financial Post

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