VANCOUVER WEST FEBRUARY HOUSE MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release reports that the ongoing negative impact to all Sellers is persisting relentlessly. The continuing Buyer’s market reduced last month’s sales to 42.5 percent below the 10 year average for February. Active Buyers have more time to consider a wider inventory as we approach the traditionally more active spring market. Last month total Metro Vancouver residential sales shrink 32.8 percent compared to February 2018. Although new listings are down 7.8 percent for February 2019 versus February 2018, the total inventory of listed properties rises 48.2 percent in that same time period. The composite value of all Metro Vancouver properties decreases 6.1 percent year to year.
The graph shows the average price in Metro Vancouver detached properties dropping 12.2 percent from January to February. The benchmark price for detached homes last month compared to February 2018 is down 9.7 percent. The volume of house sales is reduced 27.9 percent year to year.
Last month in contrast with February 2018 Vancouver west detached prices are 13.9 percent lower. February to February west side house sales are down 18.8 percent. Year to year inventory declines 24.2 percent.
January to February sales of west side houses increase for the second month in a row, this time by 26.5 percent. Month to month detached inventory is 20 percent lower.