Sales volume continues to be markedly lower than last year, which is a trend that should continue through the spring, while despite the snow the market shows signs of life.
Let’s see how the month of February played out:
Fully detached home
Fully detached home dollar volume sales were down 58% from last year at this time but up 28% over last month to $27,700,000. Unit sales are down 51% from last year but up 8% over last month to 22 homes sold. Our inventory of detached homes is up 123% over last year and 6% over last month to 197 putting the sales success ratio (the number of sales versus available properties) at 12%, at the lower end of a balanced market. Year to date, we are down in dollar volume by 50% to $47,500,000 and unit sales by 45% to 46 homes sold. The median price for a home in February was $1,065,000.
Condos and townhomes
Condo and townhome dollar volume sales were down 53% from last year at this time but up 80% over last month to $5,225,000. Unit sales are down 50% from last year but up 450% from last month to 9 homes sold. Inventory of condos and townhomes is up over last year by 38% and up over last month by 12% to 73 available homes. The sales success ratio in this market segment is 12%, also putting it at the low end of a balanced market. Year-to-date dollar volume sales dropped by 63% to $6,300,000 and unit sales by 59% to 11 homes sold. The median price for a condo or townhome in February was $550,000.
Land-only sales dollar volume was down 86% from last year at this time but up 87% from last month to $1,880,000. Unit sales are down 85% from last year but up 200% from last month to 3 land-only properties sold. Land inventory increased 23% from last year and 24% from last month to 69 available lots. This means the sales success ratio in this market segment is 4% keeping it generally in the hands of buyers. Year-to-date dollar volume sales decreased by 90% to $2,100,000 and unit sales by 88% to 4 lots sold. The median price for land only in February was $155,000. Last month’s biggest sale for land was a 1.87-acre development property in Sechelt for $1,600,000.
The inflation numbers are a bit tricky this year, and one might say confusing. So, concerning an increase in the interest rate, the Bank of Canada is playing their cards closely. Several signals would lead one to believe rates are staying put for this month, as lenders offer as low as 4.59% on a 5-year fixed, insured mortgage. While much higher than last year, this rate is still quite good. We are also seeing more inventory come to market, which will help with buyer choice.
Be prepared financially to make an offer when you see something that works for you. A chat with your lender or a good mortgage broker BEFORE looking for properties is key.
Depending on the type and location of your property, be prepared to be patient with the process and price your property competitively.
For market intelligence, call Russ at 604-741-7119 or Jon at 604-740-6263.