February Sales continue to rise... listing inventory levels are not
The Short, the Quick, the Easy summary
SALES
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,150 in February 2020, a 44.9% increase from the 1,484 sales recorded in Feb '19, and a 36.9% increase from the 1,571 homes sold the previous month, January 2020.
Last month’s sales were 15.6% below the 10-year February sales average.
“Home buyer demand again saw strong year-over-year increases in February while the total inventory of homes for sale struggled to keep pace,” Ashley Smith, REBGV president said. “This was most pronounced in the condo market.”
INVENTORY - Properties for Sale
Last month’s new listings were 17.4% below January’s 10-year average.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,195, a 20.7% decrease compared to February 2019 (11,590).
Considering COVID - 19 What does this mean?
As a Buyer - will sellers be allowing Buyers and the public into their homes? Are open houses an option? or only private showings. Sellers may request masks, gloves, shoes to be left outside.
As a Seller - Do you want the public in your home? Cancel open houses? Leverage digital marketing efforts such as virtual tours. Accept Subject to Viewing offers.
Here is my recent
Blog on COVID-19 and how we can respond in the real estate sector in Vancouver
How does last months sales break down?
Sales of detached homes in February 2020 reached 685, 52.9% increase from the 448 detached sales recorded in February 2019.
Attached(townhouse) totalled 404, a 45.8% increase compared to the 277
sales in February 2019.
Sales of condos homes reached 1,061 in February 2020, a 39.8% increase compared to the 759 sales in February 2019.
Prices
All property types: 0.3% increase from the same period last year. 2.7% increase over the last 6 months.
- REBGV Sourced Summary
If you are thinking of selling in 2020, reach out to me, and lets talk about COMPETITION, INVENTORY and TIMING!
In February, property sales in the Fraser Valley finished slightly above the 10-year average for the month, while new listings came in 3 per cent below, keeping overall inventory at historically below-average levels.
“Supply is a challenge currently in some areas and for certain property types. In February, in Langley for example, for every 10 active townhomes, six sold. In Cloverdale, there were 26 active condo listings last month; and 20 sold,” said Darin Germyn, President of the Board.
Sales
Detached homes have seen a 50.8% increase in sales volumes compared to last February '19 and a 47.1% increase in sales from January '20.
Attached Townhouses have seen a 44.5% increase in sales compared to last year February '19 and 41.5% increase in from January '20..
Condos saw a slower up-tick of sales with a 9.4% increase in sales compared to February '19 and a 27% increase in sales from January '20.
Inventory
There were 5,741 active listings available in the Fraser Valley at the end of February, a decrease of 10.4% compared to February of last year. The Board received 2,557 new listings in January, a 15.4% increase compared to February 2019’s intake of new listings.
- FVREB sourced summary
If you are thinking of selling in 2020, reach out to me, and lets talk about COMPETITION, INVENTORY and TIMING!
ATTENTION FUTURE SELLERS
Fraser Valley - Detached home prices are up 6.2% in February 2020 compared to same period in 2019.
Greater Vancouver - The sales-to-active-listing ratio for attached townhouses and condos are on pace for higher prices!
This tells us that detached house prices are rising in the Valley, and condos and townhouses in Greater Vancouver are poised for price appreciation!
