Well-Priced Homes Continue to See Interest, with Buyers Taking a Wait-and-See Approach.
In February, the Metro Vancouver housing market saw increased supply and below-average demand. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales saw a 32.8% decrease compared to February 2018, and an increase of 34.5% compared to January 2019.
Vancouver’s Residential Market Shifts in Favor of Buyers
Last month’s sales were 42.5% below the 10-year February sales average. According to Phil Moore, President of the Real Estate Board of Greater Vancouver, this decline can be attributed to the shift toward a buyer’s market.
“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.”
New Listings Decline Due to Downward Pressure on Benchmark Prices
The number of homes listed in February 2019 declined by 7.8% compared to February 2018, and are down 19.7% compared to January 2019. For all property types, the sales-to-active listings ratio for February 2019 is 12.8%.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12.0% mark for a sustained period, while home prices often experience upward pressure when it surpasses 20.0% over several months.
The benchmark price for all residential properties in Metro Vancouver is currently $1,016,600. This represents a 6.1% decrease over February 2018, and a 6.2% decrease over the past six months.
Sales of detached homes in February 2019 saw a 27.9% decrease compared to sales recorded in February 2018. The benchmark price for detached properties is now $1,443,100. This is a 9.7% decrease from February 2018 and a 7.6% decrease over the past six months.
Sales of apartment homes saw a 35.9% decrease compared to the sales recorded in February 2018. The benchmark price of an apartment property is currently $660,300. This represents a 4.0% decrease from February 2018, a 5.1% decrease over the past six months, and a 0.3% increase compared to January 2019.
Attached townhome sales in February 2019 saw a 30.9% decrease compared to
February 2018. The benchmark price of an attached unit is $789,300. This represents a
3.3% decrease from February 2018, a 6.7% decrease over the past six months, and a 1.4% decrease compared to January 2019.
For more information on what the current market means for your next real estate decision, get in touch with one of our award-winning teams. Stilhavn REALTORS® are among Vancouver’s top tier real estate representatives, and would be happy to share our industry-leading advice with you!