In spite of the Covid-19 virus It has been a very hot market. February 2020 saw months of Inventory (MOI)* drop for all product types. Westside Detached MOI dropped to 8.40 months - the lowest it has been since October 2017. Having said that, it is still in a so called "balanced" market. Attached dropped to 5.21 months - the lowest it has been since July 2018. Apartments dropped to 3.91 though apartment MOI has been near these levels for several months. Both apartments and attached homes are in a "sellers' market. Data is not in yet but March sales volumes for Detached homes have already exceed February's so we will see MOI drop again in March for westside houses.
Listing volumes are at the low end of normal for all product types.
Sales Volumes are also still near the low side of typical.
Average Sale prices fell hard over 2018 and 2019. They are now stabilizing and maybe even beginning to rise.
The Real Estate Board of Greater Vancouver's HPI index shows the value of a "typical" Westside home.
The market has been quite hot but the Covid-19 virus is only just starting to have an effect on real estate business practices. Open houses have now mostly been canceled and an increasing number of Seller's are holding off listing. Mortgage rates fell significantly last week only to be reversed this week as banks shore up their margins. Looking forward I expect that reduced inventory and pent up demand will continue to make the market relatively hot compared to last year. However, the Covid-19 virus may have other plans. If sales volumes fall enough we may see the market start to decline.
By Sam Wyatt - Vancouver Realtor.
*Months of Inventory (MOI) is a measure derived from the number of active listings during a given month divided by the number of sales that month. It indicates the theoretical length of time it would take to sell all of the properties on the market if nothing changed. Historically, 0-5 months of inventory has generally implied upward price pressure ("Seller's Market"), 5-8 months of inventory has indicated a flat market with respect to pricing ("Balanced Market") and over 8 months of inventory has, for the most part, precipitated downward price pressure ("Buyer's Market").
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