Hope you all are doing very well as we move into March, and ever closer to Spring (20th of March!) in our fair city.
Taking a look back at the February real estate market, we are holding steady with the same trend: total sales in Greater Vancouver were below the 10-year average for the month by 30.9%. However, we're starting to see signs of increased activity, signalling the start of our spring market. While February sales were below the 10-year average for the month, they were 33% higher compared to January 2013.
“Sales in February followed recent trends and were below seasonal averages, though our members tell us they saw more traffic at open houses last month compared to the previous six to eight months, said Eugen Klein, REBGV president.
The sales-to-active-listings ratio currently sits at 12.2% in Greater Vancouver, a two per cent increase from last month. This is the first time this ratio has been above 11 per cent since June 2012.
“With a two-point increase in our sales to active listings ratio and a reduction in the average number of days it’s taking to sell a home, February showed some subtle indications of a changing sentiment in the marketplace compared to recent months,” Klein said.
Generally, we're trending from a Buyer's market towards a more Balanced market, facilitated by a higher absorption rate, and fewer new listings coming onto the market (13% less compared to February 2012 and 5.8% less than January 2013).
Below is the quick snapshot of some market data. If you'd like more information or have any questions about any of this, I'm always happy to chat. You can reach me at firstname.lastname@example.org or on: 778 317 9909: