Home inventories still increasing as many buyers remain on the fence
Home sales were down 39.3% from a year ago but up 2.9% from last month.
There was a 27.7% increase in inventory of homes for sale in January of this year compared with January of last year.
Sales were 36.3% below the ten year average and the lowest January sales since 2009.
The sales to active listings ratio was 6.8% for Single Homes, 11.9% for Town Homes and 13.6% for Condos.
When the sales to active listings ratio is below 12% for an extended time this usually results in downward pressure on prices.
Home prices have edged down over all categories in the last several months.
The MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver has seen a 4.5% decrease over January 2018, and a 7.2 per cent decrease over the past six months.
We are starting to see increased activity at Open Houses across Vancouver and we have moved into an environment that is a lot more user friendly for buyers. There is a much wider selection of properties to choose from compared with a year ago and now it is possible in many cases to negotiate price and terms of the purchase more effectively.
February and March stats should be a good indicator of how the market will perform over the rest of the year and the big question for many buyers will be when is the best time to jump in.