Housing market conditions continue to favour home buyers.
The Metro Vancouver housing market saw increased supply from home sellers and below average demand from home buyers in February.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,484 in February 2019, a 32.8 per cent decrease from the 2,207 sales recorded in February 2018, and a 34.5 per cent increase from the 1,103 homes sold in January 2019.
Last month’s sales were 42.5 per cent 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."
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,590, a 48.2 per cent increase compared to February 2018 (7,822) and a 7.2 per cent increase compared to January 2019 (10,808).
For all property types, the sales-to-active listings ratio for February 2019 is 12.8 per cent. Generally, 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.
“Homes priced well for today’s market are attracting interest, however, buyers are choosing to take a wait-and-see approach for the time being,” Moore said. “REALTORS® continue to experience more traffic at open houses. We’ll see if this trend leads to increased sales activity during the spring market.”
Locally in Maple Ridge
Sales of detached houses for February were 50 which is a 37% decrease over last February which was 80 while the number of houses for sale increased by 49%. The average price for the month of February was $850,045 compared to last years February of $902,079. This represents the average price decrease of 5% over last year. Average sale price year to date is $856,179.
Sales of townhomes for February were 31 which is a the same as last January, while the number of townhouses for sale is 120 which is a increase of 74% over last year. The average price for February was $532,883 compared to last years February of $569,112. This represents an average price decrease of 6% over the last 12 months. Average sale price year to date is $514,650.
Sales of condos for February were 17 which is a 61% decrease over last February while the number of condos for sale is 100 which is a increase of 156% over last year. The average price this February was $351,450 compared to last years February of $384,263. This represents an average price decrease of 8% . Average sale price year to date is $351,758.
Overview of the local market:
The number of sales in all categories and the sales prices seem to have stabilized. For detached, townhomes and condo's the average selling price dropped approximately 5-7%. from their peak prices. This market shift makes it an ideal time for the townhome or condo owner to move up to a detached home. Call us today to review the benefits of moving up in a softer market.
Inventory has increased and is now at similar levels to mid-year 2015. We have seen a steady increase in activity over the last 4-6 weeks as buyers decide to take advantage of the decrease in prices. This is a more balanced market with the buyers having the advantage and allows for more time to shop and purchase