Real Estate Market Update In B.C. - February 2020
The Growth Continues in February 2020
February 2020 was another growth month for real estate in Greater Vancouver area, with 40% to 51% sales increases in various categories.
The higher sales figures have decreased the number of available listings in the market, also reducing the Days On Market figures, making it a reliable seller’s market in CONDO and TOWNHOMES categories.
Condo sales are powerful, with a 40% increase over January 2019, and even a rise of 30% over last month.
With the strong sales, The days on the market for the condos decreased to 31 days from 43 days of last month. This means the condos are selling more quickly, and the prices moved up 2.1% in February compared to the previous month.
It is now a seller’s market for CONDOs for a straight five months, and the trend is expected to continue.
Townhome sales also showed a substantial sales increase of 42% over the last year and a 25% increase compared to the previous month, January 2020.
The Days on Market almost halved in February to 32 days, from 58 days in January. Although the prices are stable at the time, the townhome market is still a seller’s market. Townhomes usually offer the best price per square feet eventually, and now with the increase of Condo prices, the difference has increased in favour of townhomes, making it the best option for large and small families.
DETACHED HOMES Market
The detached homes showed the most significant increase in sales, with 51% over the last year and even a 54% increase over the previous month.
Despite the sharp increase in sales, the active listings also increased in February. The days on the market are now 46 days, which is a vast improvement over 69 days of last month.
Although the market is considered to be in balance, it shows the most significant move in almost three years to become a seller’s market. If the sales trend continues in March, as it is in February, we can see the detached homes become a seller’s market after three long years of lower sales performance.
PERFORMANCE of Areas
You may find below, the detailed performances of each city/region in Metro Vancouver.
Please feel free to contact Jovi Realty anytime to learn even more details of the market trends.