We definitely saw the market pick up in February. I think it was likely due to the fact that the sun finally made an appearance and that we also saw some new listings. The buyers were out and that was especially evident by piles of shoes outside of front doors! There were and are a few factors that should keep things moving for the spring market. One of the biggest factors is that we are seeing lower interest rates and there are rumblings that we may even see further interest cuts in the near future with the economic fall out from the coronavirus. This is impacting the stock market and oil prices. This is great for buyers looking to get into the market with cheaper interest rates increasing affordability. Another factor of course is the amendment of the stress test which is highlighted in the last post. Of course one of the biggest driving factors is that we are finally seeing a slight increase in inventory. In February there was a total of 27 listings in Olympic Village, and we are now sitting at 56. The average days on market in February was 9 days and the average price was $768,125.00. Compared to January in which we saw the average days on market at 23 days and the average sales price was $1,023,970.00.
Current Active listing breakdown:
You can find all the stats from the Real Estate Board of Greater Vancouver HERE. It’s a great time to consider moving into this dynamic community. If you have any questions about buying or selling, please don’t hesitate to reach out.