Although these market statistics are about last month, this information can give you some insight into overall market health. Listing inventory, days on market, absorption rates and percentage of sale price to list price, etc., can help you predict future trends. Ask me how!
SUPPLY DOWN - SALES UP FOR 2020'S START
VANCOUVER, B.C. – February 4, 2020
As we finished 2019 with a late bump of activity and generally inventory starts the year lower than pre-holiday numbers, it makes sense that our January sales were up (42.4 percent over this month last year) and the number of homes for sale down - for now. It is important to remember that January 2019 had a historically low number of sales, and while newly listed homes are down compared to to January 2019 (approximately 20%, we have not yet entered the pre-spring market that tends to see more listings come on. As the Real Estate Board of Greater Vancouver (REBGV) President noted, "We'll keep a close eye on supply to if the number of homes being listed is keeping pace with demand. Thinking of buying or selling? Let me, Joe Campbell, a 25+ year career professional help you make the most of your move! Call me at 604-657-1480 anytime! And for more information on the latest stats from the REBGV, click the link below.
The MLS® HPI is a more stable price indicator than average prices, because it tracks changes of "middle-of-the-range" or "typical" homes and excludes the extreme high-end and low-end properties.Typical homes are defined by the various quantitative property attributes. These features together become the "benchmark" house, townhouse or apartment in a given area. A benchmark property is designed to represent a typical residential property in a particular MLS® HPI housing market, such as Richmond or North Vancouver. The breakdown of each month’s real estate sales in a given area are estimates of current prices paid for bedrooms, bathrooms, fireplaces, etc. Prices for these qualitative and quantitative features are then applied to the typical house model and an index price is estimated for that month. This type of pricing model involves estimating the price of a property’s features rather than the property itself.
Note: The MLS® HPI offers only a benchmark in which to track price trends and consumers should be careful not to misinterpret index figures as actual prices. Benchmark properties are considered average properties in a given community and do not reflect any one particular property.