"I am who I am today because of the choices I made yesterday." - Eleanor Roosevelt
Attached are the Sales and Listings Stats updated to the end of February 2016. When the Groundhog came out of his hole on February 2nd, he was out to buy real estate! Shadow be damned! This month has seen it be a record month for sales in the month of February for Greater Vancouver. There were 37% more homes sold in February 2016 compared to January 2016 – 4,254 versus 3,108. And there were 66% more homes sold compared to 2015. And once again, the pressure is on inventory with 40% fewer listings on market at this time compared to last year. Buyers are extremely active while sellers are reluctant to list and join the buying pool. While there were 5,967 new listings in February compared to 5,566 in February 2015, this increase is not nearly enough to satisfy this insatiable demand right now.
All segments of the market are continuing to see this strong pace of demand and limited supply. The strata (apartment/townhouse) property market has been increasing in activity over the last 6 to 9 months with inventory levels dropping much like the detached market. In some cases, more so. In the Richmond townhouse market, inventories are down 70% compared to this time last year with their being 100 sales in February and currently only 85 properties on the market. That means it would take less than a month to sell out of the inventory without any listings coming on. A large number of regional strata property markets have 1 month’s supply of listings currently on market, including Vancouver’s West Side. So while it seemed like there was a lot of that type of product in the past, it is not the case right now. Supply is simply too low for the level of demand we have in the market at the current time. Something that needs to be considered in addressing the rate of rising prices. So while it may seem like the answer lies in controlling demand, perhaps policy to look at supply is more realistic.
“We’re in a competitive, fast-moving market cycle that favours home sellers,” Darcy McLeod, Real Estate Board of Greater Vancouver president said. “Sustained home buyer competition is keeping upward pressure on home prices across the region.”
Here’s a summary of the numbers:
Sales and Listings Statistics All Regional February 2016.pdf
Sales and Listings Statistics Houses Townhouses Condos For February 2016.pdf
Greater Vancouver: Total Units Sold in February 2016 was 4,254 – up from 3,108 (37%) from February 2015, up from 2,570 (66%) in February 2014; Active Listings are at 8,091 compared to 12,753 at this time last year; New Listings in February 2016 were up 7% compared to February 2015; Month’s Supply of Total Residential Listings has dropped to 2 Months (Extreme Seller’s Market) and a Sales to Listings Ratio of 71% compared to 56% in February 2015.
Vancouver Westside Residential: Total Units Sold in February 2016 was 852 – up from 631 (31%) from February 2015, up from 545 (56%) in February 2014; Active Listings are at 1,432 compared to 2,363 at this time last year; New Listings in February 2016 were down 4% compared to February 2015; Month’s Supply of Total Residential Listings has dropped to 2 Months (Extreme Seller’s Market) and a Sales to Listings Ratio of 71% compared to 50% in February 2015.
Vancouver Eastside Residential: Total Units Sold in February 2016 was 342 – up from 325 (5%) from February 2015, up from 313 (9%) in February 2014; Active Listings are at 601 compared to 915 at this time last year; New Listings in February 2016 were down 2% compared to February 2015; Month’s Supply of Total Residential Listings has dropped to 2 Months (Extreme Seller’s Market) and a Sales to Listings Ratio of 66% compared to 62% in February 2015.
North Vancouver Residential: Total Units Sold in February 2016 was 346 – up from 273 (27%) from February 2015, up from 206 (70%) in February 2014; Active Listings are at 403 compared to 779 at this time last year; New Listings in February 2016 were the same amount compared to February 2015; Month’s Supply of Total Residential Listings has dropped to 1 Months (Extreme Seller’s Market) and a Sales to Listings Ratio of 71% compared to 56% in February 2015.
West Vancouver Houses: Total Units Sold in February 2016 was 169 – up from 146 (16%) from February 2015, up from 87 (94%) in February 2014; Active Listings are at 446 compared to 618 at this time last year; New Listings in February 2016 were down 7% compared to February 2015; Month’s Supply of Total Residential Listings has dropped to 3 Months (Seller’s Market) and a Sales to Listings Ratio of 61% compared to 49% in February 2015.
Richmond Residential: Total Units Sold in February 2016 was 533 – up from 399 (34%) from February 2015, up from 341 (56%) in February 2014; Active Listings are at 1,144 compared to 1,890 at this time last year; New Listings in February 2016 were up 3% compared to February 2015; Month’s Supply of Total Residential Listings has dropped to 2 Months (Extreme Seller’s Market) and a Sales to Listings Ratio of 70% compared to 54% in February 2015.