Home buyers can be assured that their perfect new home is just waiting to be discovered, with a vast selection of properties for sale on the market, and prices that have softened over the past few months.
Home sellers acted on their New Year's home listing resolutions first thing in January, with new listings up almost 24.5 percent month-over-month, and an increase of 27.7 percent compared to January 2018.
Sales for January 2019, however, dropped substantially to the lowest sales total for that month since 2009. With a sales-to-active-listings ratio at just 10.2 percent across all property types and a pricing trend that shows decreases in the benchmark prices, the market is firmly in a buyer's category now.
Phil Moore, Real Estate Board of Greater Vancouver (REBGV) president notes, "Home prices have edged down across all home types in the region over the last seven months."
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently at $1,019,600, a 4.5 percent decrease over January 2018, and a 7.2 percent decrease over the past six months.
Moore adds a note of cautious optimism, stating, "REALTORS® are seeing more traffic at open houses compared to recent months, however, buyers are choosing to remain in a holding pattern for the time being."
There's never been a more important time to consult with a real estate professional for help working through your spring and summer real estate plans. Please call today for a no-obligation discussion!