February 2019 Market Update
Last month reflects a fairly natural progression of an historical pattern. Our market showed signs of coming to life in February after a fairly quiet December and January. That life was reflected in a strong uptick in sales over the previous month across the board…while listing inventory remained fairly static.
It’s apparent that some buyers are entering the market and viewing the current situation as a prime opportunity to make purchases of Vancouver real estate for good value and without the pressures of a heated market. It’s also worth noting that current sales levels are well below 10-yr averages…and the listing inventory is approaching the higher end of those 10-yr averages. These diverging patterns are still putting consistent downward pressure on prices.
That being said, new listings are not flooding the market. The higher listing inventory appears to be the result of older listings sitting on the market and not an abundance of new listings. This could be an indication that the market is stabilizing. If sales continue to improve in coming months, and the new listing numbers remain well-below historical averages, we may look back in coming months at this time and wish we’d bought more real estate.