February 2019 Market Update
Vancouver Real Estate
Housing market conditions continue to favour home buyers
Metro Vancouver housing market saw increased supply from home sellers and below average demand from home buyers in February.
Sales in Greater Vancouver totalled 1,484 in February 2019, a 32.8% decrease from the 2,207 sales recorded in February 2018, and a 34.5% increase from the 1,103 homes sold in January 2019.
Last month’s sales were 42.5% below the 10-year February sales average.
“For much of the past four years, we’ve been in a sellers’ market. Conditions have shifted over the last 12 months to favour buyers, particularly in the detached home market. This means that home buyers face less competition today, have more selection to choose from and more time to make their decisions,” Phil Moore, REBGV president said.
The total number of homes currently listed for sale on the MLS® in Metro Vancouver is 11,590, a 48.2% increase compared to February 2018 (7,822) and a 7.2% increase compared to January 2019 (10,808).
For all property types, the sales-to-active listings ratio for February 2019 is 12.8%.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,016,600. This represents an 6.1% decrease over February 2018, and a 0.3% decrease compared to January 2019.
IN SUMMARY
BUYERS: You have more supply to choose from than you've had in over 5 years. The higher the price point you are looking at, the more likely it is you can negotiate on price and favourable terms. Low Ball offers are becoming increasingly common, and some are being accepted.
SELLERS: Make sure you are working with a professional who knows how to market your home extensively to maximize its exposure. Price is the most important factor and if you need to sell, make sure to price ahead of the downward curve. Smartly priced properties properties are still selling in the first week.
INVESTORS: You know we are in the late stages of the Slump Phase and are targeting the properties and investment strategies that thrive in this environment.
Metro Vancouver: Breaking It Down By Housing Type
DETACHED HOMES
Sales of Detached properties in February 2019 reached 463, a 27.6% decrease from February 2018. The benchmark price for detached properties is $1,433,100. This represents an 9.7% decrease from February 2018.
TOWNHOMES
Sales of Townhomes in February 2019 reached 240, a 29.8% decrease from February 2018. The benchmark price for Townhomes is $789,300. This represents a 3.3% decrease from February 2018.
CONDOS
Sales of Condos in February 2019 reached 760, a 35.8% decrease from February 2018. The benchmark price for condo properties is $660,300. This represents a 4% decrease from February 2018.
