We are now a month into the new year and we are seeing some big changes in the active market! The townhouse and condo market is driving sales, whereas detached homes are slowing down. Find out more by watching the full video above or read through a recap of January’s market update below!
With 1012 condo units sold across Metro Vancouver and a benchmark price of $665,400, this brought the active sales ratio up to 57.2% for the month of January. Townhouses were also a very active market in January, with 319 units sold at a benchmark price of $803,700 and a 26% sales ratio. On the other hand, detached homes were in the buyer’s region of the market at an 11.6% sales ratio, 487 sales across Metro Vancouver at a benchmark price of $1,601,500.
While the market became competitive for buyer’s of townhouses or condos, for the month of January, the market slowed down for detached homes which gives buyer’s much more flexibility in terms of what you can be looking at on the market. For sellers, it is important to look at pricing and to make sure you are priced correctly, as there is a bit of a change occurring.
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!