February’s Vancouver Stats Don’t Lie

Expectations

The arrival of a stork is commonly referenced by parents expecting the birth of a child. Equally, watchers of the Vancouver real estate market have been anxiously peering out their window in anticipation of such an ocassion. The stork in the form of The Real Estate Board of Greater Vancouver, has delivered – “Home Sales Are Below Average!”

Stats Don’t Lie

“Home sale activity has trended below historical averages for a full year in the Greater Vancouver housing market.”

  1. February had a 29.3% decline YOY in sales
  2. second lowest February total since 2001 or put another way
  3. sales were 30.9% below the 10 year average

Subtle Sentiment

Storks Flickr Andrellv_4652909712

According to the President of the Vancouver Real Estate Board “sales in February followed recent trends and were below seasonal averages.” Accompanying this trend is the subtle change noted by industry watchers who claim that “members tell us they saw more traffic at open houses last month compared to the previous six to eight months.”

Sentiment

“With a two-point increase in our sales to active listings ratio and a reduction in the average number of days it’s taking to sell a home, February showed some subtle indications of a changing sentiment in the marketplace compared to recent months,” says the Pres. The sales-to-active-listings ratio currently sits at 12.2 per cent in Greater Vancouver, a two per cent increase from last month. This is the first time this ratio has been above 11 per cent since June 2012.

Good and Bad

  • Vancouver’s February active listing count shows a 13% decline YOY and is down from January by 5.8%.
  • The ten year average of total listings in the region increased 4.0%.
  • Currently the overall total number of properties currently listed for sale on the Greater Vancouver MLS® is 14,789, a 5.2 per cent increase YOY.

February Numbers

  • Home Price Index composite benchmark price for all residential properties in Greater Vancouver has declined 5.6 per cent to $590,400 from the peak of $625,100.
  • This represents a 3.3 per cent decline compared to this time last year.
  • Sales of detached properties in February 2013 reached 704, a decrease of 36.1 per cent from the 1,101 detached sales recorded in February 2012

Detached

  • Detached sales in February 2013 reached 704, a decrease of 36.1 per cent YOY.
  • Detached Benchmark price decreased 4.5 per cent YOY from .

Apartment

  • Apartment sales reached 760 in February 2013, a decline of 25.5 per cent YOY.
  • Apartment Benchmark price has declined 3.0 per cent to $360,400 down 5.1% from the peak.

Attached

  • Attached sales in February 2013 totalled 333, a decline of 21.5% YOY.
  • benchmark price decreased 0.7 per cent between February 2012 and 2013 to $445,500.

The Bright Side of the Road

With every stork arrival duplicitous optimism prevails – it is a matter of perspective.

For some watchers the current market lows will be viewed as a precept to lower lows. Others wait for storks to deliver the inevitable and possibly far off days of higher highs.

For each their expectations, their windows of optimism, reflect personal vantage points seen as their Bright Side of the Road.

Full Report Here

Photo Credit: Flickr – Andre Vascondelos

About Larry Yatkowsky

Larry is a recognized real estate expert. A veteran professional, his experienced counsel leads Vancouverites in his west side community to place their trust in a man passionate about his work. Uncompromising ethics bring a balanced approach to realizing your real estate dreams.

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*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.

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