February Shows Real Estate Sales Increasing in Greater Vancouver
Despite the recent economic woes in the world and the subsequent hit that the real estate market has taken in North America, there were some signs of a rebound throughout Greater Vancouver in February. Sales in the region showed an improvement from the month before but were still down compared to February of last year. The numbers are as follows: In January only 762 sales were completed in Greater Vancouver compared with 1,480 in February which represents a rise of 94 per cent.
Most real estate experts will agree that January sales tend to be lower than February sales. However, such a marked increase is likely the result of pent-up demand. While there are many pre-approved home buyers, they are concerned about the current housing market and are therefore reluctant to make a final decision. This lack of confidence means there are a large number of potential home buyers in the market which suggests that sales may continue to improve.
Still, it is too early to determine if current market trends will turn around. The improvement in February over January could represent the norm when comparing these months and real estate experts are aware that sales in February 2009 were down more than 40 per cent compared to February 2008. Along with decreased sales, the average house price is also on the decline. In fact, the average has dropped more than 14 per cent from February of last year with the benchmark for a detached property slumping to $653,452 this year. With falling prices, the number of properties up for sale has also fallen. Statistics show a drop of 25.6 per cent for the number of properties currently on the market. Housing prices, housing sales, and new listings continue to decline in annual statistics.
In all likelihood, homeowners will be reluctant to list their properties because they feel they won't get what their properties are worth. With the current trends, the take home message is that while there are some great Vancouver real estate deals to be had at the moment, these opportunities may not be available long.
Most real estate experts will agree that January sales tend to be lower than February sales. However, such a marked increase is likely the result of pent-up demand. While there are many pre-approved home buyers, they are concerned about the current housing market and are therefore reluctant to make a final decision. This lack of confidence means there are a large number of potential home buyers in the market which suggests that sales may continue to improve.
Still, it is too early to determine if current market trends will turn around. The improvement in February over January could represent the norm when comparing these months and real estate experts are aware that sales in February 2009 were down more than 40 per cent compared to February 2008. Along with decreased sales, the average house price is also on the decline. In fact, the average has dropped more than 14 per cent from February of last year with the benchmark for a detached property slumping to $653,452 this year. With falling prices, the number of properties up for sale has also fallen. Statistics show a drop of 25.6 per cent for the number of properties currently on the market. Housing prices, housing sales, and new listings continue to decline in annual statistics.
In all likelihood, homeowners will be reluctant to list their properties because they feel they won't get what their properties are worth. With the current trends, the take home message is that while there are some great Vancouver real estate deals to be had at the moment, these opportunities may not be available long.
posted by VancouverResidence
