Hello this is Sandra Solomon with Sutton 1st West Realty
It's time for February Metro Vancouver real estate market update
First of all, I would like to wish you all good health and prosperity for the year of the tiger
Let's take a look at the market data
Sales in January was 2285, which is a 15% decrease compared to December 2021
Active listings increased by 8.2%
The benchmark price increased by 2% compared to December 2021
This is the highest monthly increase in the past 12 months.
The months of inventory was 2.5 months. It is still a seller's market.
Let's take a look at the data between January 2021 and January 2022
Active listings for January 2022 was 5663
Active listings for last year, January 2021, was 8306
Active listings dropped by 31.8% compared to January 2021
There's much more demand than supply
Sales to active listings ratio
This number indicates the price trend
The ratio for all the property types was 40.3%, this indicates the price will still go up because theres strong demand
For different property types, Single family homes was 28%
Townhomes were 51.6%, apartments 49.7%
the data indicates that approximately one single family home was sold for every three listings
For townhomes and apartments, approximately one was sold for every two listings
This indicates the high demand for townhomes and apartments
where for single family homes it is comparatively lower
For the January 2022 and December 2021 sales comparison
Single family homes decreased by 21.7%, townhomes decreased by 19.1%, and apartments decreased by10.2%
dropped in overall sales
This is normal as it was the traditional holiday season
After looking at the data, I would like to share what I saw in the market
Recently I had client who was looking for townhomes in Coquitlam and Langley
One of them was in Coquitlam. It was 46 years old
Almost 50 years, very old, but the complex was well maintained.
It was a four bed townhouse. The fourth bedroom was added by the owner.
the asking price was $648,800. In the end it received 40 offers
And sold for $870,000 with a cash offer and no conditions.
This shows the market demand for townhomes
Also, I would like to share some data regarding the townhouse market in Langley
In the past 30 days, townhomes sold in Langley were mostly in "green"
"Green" indicates a home that is sold over the asking price
This reflects how hot the housing market is.
If you would like to buy a townhouse, you will need to have a flexible budget
And may need to make a subject free offer
But before you make a subject free offer always consult your real estate agent and mortgage specialist
so that you understand what you're getting into. To understand the risk you can afford
If you own a townhouse right now, you should have earned a lot by now
You can consider upgrading it to a single family house
The apartment market is also doing well
Because many who were not able to purchase townhomes went for an apartment instead
The pre-sale market is also doing very well
Lots of buyers are looking for presales that will complete this year and thats hard to find
Generally speaking, it takes around three to four years for high rise pre-sales to complete
and around two years for townhomes to complete
The whole market is really in short supply
If you would like to buy a new apartment that you can move into within this year or early next year
You would need a real estate agent to look into all pre-construction projects and search for available units
or if there are any assignments available
feel free to contact me for a consultation
If you would like to take this opportunity to sell your property
Also feel free to contact me to discus your needs.
This is it for today
You must have questions after watching this video so contact me any time or use the form in the comment section or
Please fill in the form in the comments below and I will get back to you
Thank you for watching my video
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See you next time. Bye bye