Vancouver real estate sales up, listings down - signs of recovery
The Real Estate Board of Greater Vancouver (REBGV) February statistics show that Vancouver's real estate market has strengthened in the past month and may be on the road to recovery.
The REBGV report released on March 3rd revealed that residential housing sales increased significantly in February in comparison to the previous month. Vancouver West detached sales rose 117 per cent, attached sales rose 164 percent, and apartment sales rose 109 percent. Those numbers when compared to the sales reported in January (the slowest month for housing sales in 25 years) has given some optimism that the worst may be behind us and that the market may be heading towards a more balanced condition. February sales have typically surpassed January sales over the past 10 years but not normally by such a large degree.
A key part to Vancouver's long term market recovery will be whether the number of active property listings can be reduced to levels supported by current demand. The result would be a more "balanced" market and a leveling off of home prices. New MLS® listings for residential properties in Vancouver West have decreased 9.6 per cent in February for attached homes, 2 percent for apartments, but increased 4.1 percent for detached homes. New MLS® lisintgs for Greater Vancouver have as a whole have decreased for four months straight.
Early in February many REALTORS® including myself noticed an increase in general activity when compared to recent months. People are realizing that due to falling interest rates and improved affordability that they are in a strong position in today's housing market. The REBGV report has shown that in February 2009 it took on average 67 days to sell a home in Greater Vancouver, seven days less than in January 2009.
Though there has been an increase in general activity pricing continues to decline. For Greater Vancouver the benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 14.2 per cent from February 2008 to $653,452; apartment properties declined 13.9 per cent from February 2008 to $333,14; and attached units declined 9.7 per cent between Februarys 2008 and 2009 to $426,268.
There still remain's great opportunities for Buyer's in the current market, but if we continue to see property listings decrease and sales increase, that window of opportunity may become much shorter.
Every real estate market has great opportunities. Contact Vancouver Realtor Dean Wegman by clicking here and learn how to truly take adavantage of these unique real estate conditions.
