February 2019 brought Vancouver lots of snow, and it was also the coldest February on record! Not only did we see changes to the weather, but we also saw some more changes in Vancouver's real estate market. Last month, the housing market continued to favour home buyers as they faced less competition, had more selection to choose from and more time to make their decisions.
In February 2019, the Real Estate Board of Greater Vancouver reported that residential homes sales totalled 1,484, which is a 32.8% decrease compared to February 2018 and a 34.5% increase from January 2019, where 1,103 homes were sold. Last month’s sales were 42.5% below the 10-year February sales average.
Throughout Metro Vancouver, there were 3,892 newly listed properties listed on the MLS in February 2019. This represents a 7.8% decrease compared to this time last year, and a 19.7% decrease compared to January 2019. Currently, there are 11,590 residential properties listed for sale on the MLS, which is a 7.2% increase compared to last month.
The Sales-to-Active ratio for all property types in Metro Vancouver is currently sitting at 12.8%, making it a balanced market. Broken down by property type, the ratio for detached homes is 8.5%, 15% for townhomes and 17% for condos. Condos have moved back into the higher end of the balanced market in February 2019, almost on the verge of being in a seller’s market. Townhomes have also shifted back into a balanced market, after being in a buyer’s market in January 2019. Detached homes are still in a buyer’s market like they have been for the past few months, however, it has seen an increase in its sale-to-active ratio in February 2019.
In February 2019, a total of 448 detached homes were sold throughout Metro Vancouver which is a 27.9% decrease from this time last year. Currently, the benchmark price for a detached home is $1,443,100, lasting an average of 55 days on the market.
Last month, townhouses saw a total of 277 properties being sold in Metro Vancouver, which represents a 30.9% decrease from February 2018, where 401 townhouses were sold. The average benchmark price for a townhouse is $789,300, lasting 39 days on the market.
Apartments saw a 35.9% decrease in home sales last month, with a total of 759 properties being sold throughout the region. The benchmark price for apartments saw a 5.1% decrease compared to February 2018, and is currently sitting at $660,300, while spending an average of 40 days on the market!
What Does This Mean For You?
- Now is a great time to move up in the market.
- If you are thinking of selling, timing and proper pricing is everything.
- If you are thinking of buying, there’s less competition.
- In a shifting market, having the right strategy is everything when it comes to selling.
Ready to jump into the market? Whether you are looking to buy, sell, or learn more about the market changes, reach out to our team today! We’ll help you make the right move!