The Real Estate Board of Greater Vancouver reported that the February real estate sales “remained well below historical norms” – 33% below the 10 year February sales average. Surprisingly they also reported that apartment sales suffered a whopping 49.9% decrease from February last year. There will be deals to be had as time goes on….watch this space.
The Board also reported that “Below average home sales allow inventory to inch upwards”. This is not the case in almost every mile of our territory between New Westminster moving east to Maple Ridge. Our sellers are clearly not engaging to the same extent- we have only 2 attached markets: Port Moody and Pitt Meadows where inventory rose during February ( much of it new builds) plus Port Coquitlam detached market. All our other attached and detached markets have either a flat inventory, are declining or doing the very slow inching up. We need more choice in our markets to enable the willing, able buyers to move forward with a happy purchase.
Our busiest markets last month were both in detached markets – Pitt Meadows and Maple Ridge with a 54% sales ratio & a 50% sales ratio respectively. It is clear that there are serious buyers out there looking for detached homes at “the right price”. This could well be a magic moment for hesitant sellers to test the market – especially those looking to downsize. You would be in the advantageous position of having significantly less competition, some demand for what you have and choices in what you would like to buy. If you are holding back and would like to discuss in detail the market in your immediate neighbourhood, please contact us as we are in touch with the local markets – boots on the ground and experience! Having a plan is half the battle and our job is to listen to your needs and wants, then together we can formulate that plan which works for you. We are on your program, not ours. And…we all live, work and shop right here.
Stay safe and cosy. We remain your Generations Real Estate Partners welcoming your calls:
Michelle Hawthorne, Scott Johnson, Shane Goutsis, Ray Harris and Sheila Francis.