REBGV have just released the first statistics of the year! As we are heading towards the frantic Spring market, things are starting to pick up in the market for Greater Vancouver. The number of new listings is starting to increase, while buyers are still holding off on buying.
According to REBGV, “residential home sales in the region totalled 1,103 in January 2019, a 39.3 per cent decrease from the 1,818 sales recorded in January 2018, and a 2.9 per cent increase from the 1,072 homes sold in December 2018”. January, like December, is also a slower month for real estate. However, January 2019 had the lowest amount of sales for January since 2009. “Last month’s sales were 36.3 per cent below the 10-year January sales average and were the lowest January-sales total since 2009.” Even though the number of sales is still on the lower end, it is starting to pick up as we’ve seen a 2.9% increase compared to last month, December 2018.
“For all property types, the sales-to-active listings ratio for January 2019 is 10.2 per cent. By property type, the ratio is 6.8 per cent for detached homes, 11.9 per cent for townhomes, and 13.6 per cent for condominiums.” With more properties currently on the market and there being less buyers, the sales-to-active ratio remains low for all property types. This means that proper marketing and exposure is key to getting your home sold. If you want to find out about our detailed marketing plan, give us a call today! You won’t be disappointed.
The increased number of listings on the market, and the lower number of sales means that good deals are able to be found in todays market. It has never been a greater time to buy property!!!
Call us today to chat about the market and your current options!
Click the link here for more market information, and to download the stats package for January!