Sales are better than December 2018 however it is still one of the slowest months in recent memory! Learn more on how home sellers can lead the real estate market.
Detached homes sales are down in dollar volume by 47% from last year. Total dollar volume for January was $13,500,000. Unit sales closely matched at 47% down from last year with 19 sales. We have a total of 276 active listings available which is up 44% from last year. This puts our sales success ratio (the amount of sold properties verses available listings) at 6.8% which denotes a market heavily in the buyers’ hands. The average price of a detached home in January was $709,000.
Condos and townhome sales are down in dollar volume by 8% from last year. Total dollar volume for January was $4,360,000. Unit sales are down by 34% with only 7 sales. We have a total of 62 active attached listings which is up 48% from last year. This puts the sales success ratio at approximately 12%. This is inching toward a buyers market but is not having much effect on price. The average price of a condo in January was $692,000. That number is heavily skewed by the presales of Eagleview Heights which is Gibsons latest development.
Land only sales are down in dollar volume by 36% from last year. Total dollar volume for January was $3,400,000. Unit sales are down by 21% to 11 sales. We have a total of 181 active land only listings which is up only 2% from last year. This puts the sales success ratio at a relatively steady 6%. This segment of the market continues to be firmly in the hands of buyers. The average price of a bareland property in January was $308,000.
Sellers my ongoing advice is don’t be overconfident with price. Know what else is available that is going to compete with your home! One of the best things to do is to LEAD THE REAL ESTATE MARKET whether it is going up or down. Consider listing under the price of your next closest competitor. This will have the dual advantage of getting you sold faster and with less grinding on price. As always, make sure your home is in a highly showable condition. Don’t defer regular maintenance, make sure the home is clean and tidy and accommodate buyer requests for viewing times.
Buyers if you find the right property for you go for it! There are a lot of great deals happening in the market place right now! Don’t miss your dream home or quality investment because you think the market is going to fall further. Make the deal you want today. Do most of your homework prior to offering on a property so you can present an offer that is solid, clean and easily accepted.
For market intelligence call Russ at 604-741-7119 or Terri at 604-741-7774 or send us an email