With world-wide viral panic and an economic lull, surprisingly the demand from home buyers held steady in February, alongside a reduced supply of listings going up for sale.
Overall, there were 2150 residential homes sold last month, which is almost a 45% increase over last year’s figures. By comparison to January, these numbers also imply a nearly 37% increase.
The bigger picture being painted here is the fact that year over year, the home buyer demand is steadily growing while the overall inventory of open listings is starting to fall short, struggling to keep up with the demand. In particular, this is especially true when it comes to the condo market.
Across all of Metro Vancouver, there was a total of 4002 homes listed for sale across the MLS. Compared to the same month of the previous year, that’s a 2.8% increase. Additionally, this is a 3.4% growth in comparison to the 3872 listings that went live in January of this year.
In total, the current live listings make up a lacklustre sum of 9195, which is almost 21% lower than February of the previous year. However, it is a notable 7% increase over the total number of listings that were live throughout January of this year.
And this numerical growth reflects on the ground – many realtors are enjoying a notable increase in open house traffic and multiple offer situations across different areas of the market.
It’s worth noting that the cumulative ratio of sales to active listings sat at a comfortable 23.4% in the previous month.
Generally if this level (over 20%) maintains for a few months in a row – it could be a good indicator of upward pressure on prices, making it a good time to jump into the seller’s market, especially knowing that there is increased demand from buyers and reduced competition from other sellers.