Winter is in full swing in Vancouver, with January bringing our city colder temperatures, the very first dusting of snow this winter season and more changes to Vancouver's real estate market. Home listings have continued to increase across all housing categories, while home buyer activity remains below the historical average.
In January 2019, the Real Estate Board of Greater Vancouver reported that residential homes sales totalled 1,103, which is a 39.3% decrease compared to January 2018 and a 2.9% increase from December 2018, where 1,072 homes were sold. Last month’s sales were 36.3% below the 10-year January sales average and were the lowest since 2009.
Throughout Metro Vancouver, there were 4,848 newly listed properties listed on the MLS in January 2019. This represents a 27.7% increase compared to this time last year, and a 244.6% increase compared to December 2018. Currently, there are 10,808 residential properties listed for sale on the MLS, which is a 5.2% increase compared to last month.
The Sales-to-Active ratio for all property types in Metro Vancouver is currently sitting at 10.2%, making it a buyer's market. Broken down by property type, the ratio for detached homes is 6.8%, 11.9% for townhomes and 13.6% for condos. Condos remained on the lower end of the balanced market last month, whereas townhomes are now considered to be just in a buyer’s market. Detached homes are still in a buyer’s market like they have been for the past few months, making this the perfect opportunity for anyone wanting to move up in the market.
In January 2019, a total of 339 detached homes were sold throughout Metro Vancouver which is a 30.4% decrease from this time last year. Currently, the benchmark price for a detached home is $1,453,400, lasting an average of 64 days on the market.
Last month, townhouses saw a total of 205 properties being sold in Metro Vancouver, which represents a 35.7% decrease from January 2018, where 319 townhouses were sold. The average benchmark price for a townhouse is $800,600, lasting 52 days on the market.
Apartments saw a 44.8% decrease in home sales last month, with a total of 559 properties being sold throughout the region. The benchmark price for apartments saw a 1.7% decrease compared to January 2018, and is currently sitting at $658,600, while spending an average of 47 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!