by Macrealty Marketing Team | Mar 9, 2023 | Buying Real Estate, Industry, Market Insights, Selling Real Estate
Here are the latest real estate market statistics from Macdonald Realty on Okanagan listings and sales in February 2023.
Find the infographics by visiting the Facebook Album.
Central Okanagan: Kelowna and Lake Country
There were 123 sales, 760 active listings, and $971,300 average sale price for detached homes in the Central Okanagan market, including Kelowna and Lake Country. The condo market featured 74 sales and 465 active listings at the end of the month. The average sale price was $496,300. Townhome sales were 39, active listings were 242 and the average sale price was $742,200. It’s a buyer’s market in Central Okanagan.
North Okanagan: Vernon and surrounding area
In North Okanagan, including Vernon and the surrounding area and the average detached home sale price was $708,600. At the end of the month, there were 49 sales and 241 active listings. There were 9 sales and 49 active listings for condos. The average sale price was $310,900. In comparison, townhomes featured 17 sales, 69 active listings and a $591,900 average sale price. It’s a balanced market in North Okanagan.
South Okanagan
There were 46 sales, 313 active listings, and $668,500 average sale price for detached homes in the South Okanagan market.
The condo market featured 20 sales and 194 active listings at the end of the month. The average sale price was $417,500. Townhome sales were 10, active listings were 78 and the average sale price was $551,700. It’s a buyer’s market in South Okanagan.
Looking for more information about the real estate market in specific neighbourhoods in Okanagan?
Macdonald Realty has offices in Kelowna and across BC. Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.
This blog post is based on market data provided by the Association Of Interior REALTORS® https://www.interiorrealtors.ca/.
by Macrealty Marketing Team | Mar 7, 2023 | Buying Real Estate, House and Home, Industry, Market Insights, Selling Real Estate
Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria, Saanich Peninsula, Parksville/Qualicum, and Nanaimo listings and sales in February 2023. Find all the infographics related to the February Market Statistics by visiting the Facebook Album.
Winter real estate market wraps with improved consumer confidence and more stable pricing.
A total of 460 properties sold in the Victoria Real Estate Board region this February, 35.9 per cent fewer than the 718 properties sold in February 2022 but a 65.5 per cent increase from January 2023. Sales of condominiums were down 39.7 per cent from February 2022 with 161 units sold. Sales of single family homes decreased 28.8 per cent from February 2022 with 220 sold.
“Last month we talked about the optimism building in the local market that our REALTORS® saw, and now we can see it in the market statistics,” said Victoria Real Estate Board Chair Graden Sol. “We can confirm the return of buyer confidence by the increase in sales through the late winter. The market is seeing some positive growth as we move into springtime, which is traditionally the busiest market for home sales. Inventory levels are starting to increase, a welcome trend when compared to the record lows of last year. We’re also seeing a stabilization at some price points and properties that are priced in accordance with current market conditions are selling at a good pace.”
There were 1,809 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2023, an increase of 4 per cent compared to the previous month of January and a 113.1 per cent increase from the 849 active listings for sale at the end of February 2022.
“The market today is different than we have seen in recent years,” adds Sol. “There’s plenty of demand from buyers, and we are still low in inventory, but there are opportunities in a less pressurized environment for consumers to get into a new home. Most buyers will find they have more time to view homes, make decisions and do their due diligence in this somewhat more relaxed market. Of course, we are heading into a new season which is typically very active. The statistics in this report reflect what happened last month. Prudent buyers and sellers will seek the knowledge of their Realtor to determine the up-to-the-minute conditions and how to best navigate the market.”
Greater Victoria
Saanich Peninsula
Nanaimo
Parksville / Qualicum
Looking for more information about the real estate market in specific neighbourhoods in Victoria, Saanich Peninsula, Parksville, Nanaimo, Vancouver Island and the Gulf Islands?
Macdonald Realty has offices in downtown Victoria, Sidney, Parksville and Salt Spring Island. Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.
MLS® Home Price Index (HPI) Benchmark Price
Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.
This blog post is based on market data provided by the Victoria Real Estate Board (VREB) www.vreb.org and the Vancouver Island Real Estate Board (VIREB) www.vireb.com. Market data from the VIREB includes listings and sales in Campbell River, Comox Valley, Cowichan Valley Nanaimo, Parksville/Qualicum, Port Alberni/West, North Island, and the Islands.
by Macrealty Marketing Team | Mar 7, 2023 | Buying Real Estate, Fraser Valley, House and Home, Industry, Market Insights
According to the Fraser Valley Real Estate Board, signs of stability in Fraser Valley create opportunities for home buyers and sellers.
House prices in the Fraser Valley posted a slight but positive bump in February after nearly a year of month-overmonth decreases. Similarly, sales, though still trending lower than normal, also recorded their first monthly gain since October.
The Fraser Valley Real Estate Board (FVREB) processed 898 sales on its Multiple Listing Service® in February, an increase of 43.5 per cent over January but still only half as many as were recorded a year ago.
February new listings were also up, by 5.7 per cent over last month to 1,938 but 48.2 per cent lower than this time last year. Active listings grew by 7.0 per cent over January and by 16.3 per cent over February 2022.
The composite Benchmark price in February was $946,700 and though relatively flat compared to January with a negligible gain of 0.5 per cent, it reverses the price slide the market has been experiencing since April 2022. Further, while well below the record prices posted at that time, it is still more than 36 per cent higher than pre-pandemic February 2020.
“In recent months, the level of uncertainty regarding rates and prices has negatively impacted inventory and that’s kept a lot of clients on the sidelines,” said Sandra Benz, President of the Fraser Valley Real Estate Board. “Together with a growing consensus suggesting that a pause on rate hikes is imminent, the positive signals from the market give families something to build on and plan for. As that starts to happen we expect to see sales pick up slowly but steadily heading into spring.”
With a sales-to-active listings ratio of 20 per cent, the overall market was once again in balance, however the ratio for townhomes was higher at 36 per cent, indicating a seller’s market for this category. The market is considered in balance when the ratio is between 12 per cent and 20 per cent.
“All indications suggest that the market is on track to re-establish a level of stability, which is encouraging for both demand and supply sides,” said Baldev Gill, Chief Executive Officer of the Board. “With solid opportunities for properties that are appropriately priced, investing in the expertise of a professional REALTOR® should be the first decision buyers and sellers make to ensure the best local strategies before jumping back into the market.”
Properties spent between 7 and 12 fewer days on the market compared to last month, another sign that the market may be picking up. Across Fraser Valley in February, the average number of days to sell a single-family detached home was 36 and a townhome was 33 days. Apartments took, on average, 32 days to sell.
Find all the infographics related to the February Market Statistics by visiting the Facebook Album.
Abbotsford
Cloverdale
Langley
Mission
North Delta
North Surrey
Surrey Central
White Rock / South Surrey
Looking for more information about the real estate market in specific neighbourhoods in Surrey, Langley and Fraser Valley?
Macdonald Realty has offices in North Delta, White Rock/South Surrey, and Langley. Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.
MLS® Home Price Index (HPI) Benchmark Price
Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.
This blog post is based on market data provided by the Fraser Valley Real Estate Board (FVREB) www.fvreb.bc.ca
by Macrealty Marketing Team | Mar 7, 2023 | Buying Real Estate, Industry, Market Insights
Here are the latest real estate market statistics from Macdonald Realty on the Greater Vancouver listings and sales in February 2023. Find all the infographics by visiting the Facebook Album.
Below average home sales allow inventory to inch upwards.
February listing data show a continued reluctance among prospective home sellers to engage in Metro Vancouver’s* housing market, leading to below-average sales activity. With sales remaining well-below historical norms, the number of available homes for sale in the region have continued inching upwards.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,808 in February 2023, a 47.2 per cent decrease from the 3,424 sales recorded in February 2022, and a 76.9 per cent increase from the 1,022 homes sold in January 2023.
Last month’s sales were 33 per cent below the 10-year February sales average.
“It’s hard to sell what you don’t have, and with new listing activity remaining among the lowest in recent history, sales are struggling to hit typical levels for this point in the year,” said Andrew Lis, REBGV’s director, economics and data analytics. “On the plus side for prospective buyers, the below-average sales activity is allowing inventory to accumulate, which is keeping market conditions from straying too deeply into sellers’ market territory, particularly in the more affordably priced segments.”
There were 3,467 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2023. This represents a 36.6 per cent decrease compared to the 5,471 homes listed in February 2022 and a 5.2 per cent increase compared to January 2023 when 3,297 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 7,868, a 16.7 per cent increase compared to February 2022 (6,742) and a 5.2 per cent increase compared to January 2023 (7,478).
“While we continue to expect home price trends to show year-over-year declines for a few more months, current data and market activity suggest pricing is firming up. In fact, some leading indicators suggest we may see modest price increases this spring, particularly if sales activity increases and mortgage rates hold steady,” Lis said. “In the somewhat unusual market environment we find ourselves in right now with higher mortgage rates, fewer sales, and inventory that is inching higher but remains far from abundant, working with a Realtor who understands your local market conditions and has experience navigating challenging markets is paramount.”
*Areas covered by the Real Estate Board of Greater Vancouver include Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler. Check out the infographics of Squamish, Sunshine Coast and Whistler, HERE.
Bowen Island
Burnaby East
Burnaby North
Burnaby South
Ladner
Maple Ridge
New Westminster
North Vancouver
Pitt Meadows
Coquitlam
Port Coquitlam
Port Moody
Richmond
Tsawwassen
Vancouver East
Vancouver West
West Vancouver
Looking for more information about the real estate market in specific neighbourhoods in the Greater Vancouver?
Macdonald Realty has offices across the Greater Vancouver. Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.
MLS® Home Price Index (HPI) Benchmark Price
Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.
This blog post is based on market data provided by the Real Estate Board of Greater Vancouver (REBGV) www.rebgv.org
by Macrealty Marketing Team | Mar 7, 2023 | Buying Real Estate, Industry, Market Insights
Here are the latest real estate market statistics from Macdonald Realty on Squamish, Whistler, and Sunshine Coast listings and sales in February 2023.
Find all the infographics related to the February Market Statistics by visiting the Facebook Album.
Whistler
In February 2023, there were 6 sales of detached homes and 49 active listings. The benchmark sale price was $2,269,200.
The condo market had 16 sales and 89 active listings at the end of the month. The benchmark sale price was $656,300.
The townhome market had 16 sales and the active listings were 42. The benchmark sale price was $1,406,600.
It’s a seller’s market for townhomes in Whistler.
Squamish
In February 2023, there were 12 sales of detached homes and 89 active listings. The benchmark sale price was $1,478,200.
The condo market had 8 sales and 25 active listings at the end of the month. The benchmark sale price was $579,700.
The townhome market had 7 sales and, the active listings were 23. The benchmark sale price was $978,600.
It’s a seller’s market for townhomes and condos in Squamish.
Sunshine Coast
In February 2023, there were 24 sales of detached homes and 198 active listings. The benchmark sale price was $868,100.
The condo market had 2 sales and 38 active listings at the end of the month.
The townhome market had 7 sales and, the active listings were 28.
It’s a balanced market for townhomes in Sunshine Coast.
Looking for more information about the real estate market in specific neighbourhoods in Squamish, Whistler, and Sunshine Coast? Macdonald Realty has offices in Squamish, Whistler, and Sunshine Coast. Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.
MLS® Home Price Index (HPI) Benchmark Price
Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.
This blog post is based on market data provided by the Real Estate Board of Greater Vancouver (REBGV) www.rebgv.org
