Metro Vancouver & Fraser Valley sales in February remained sluggish as buyers continued to adjust to the new interest rate environment.
The most reliable indicator of market prices is the Sales to Active Listings Ratio (SAL). This is the ratio between the number of sales in a given month and the number of active listings at month-end.
In hotter markets in BC, a long-term analysis has shown that prices will usually act in the following ways:
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7+ Months of Inventory (Under 14% SAL): Prices will likely DECLINE
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5 – 7 Months of Inventory (14% – 18% SAL): Prices will likely be STABLE
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Less than 5.5 Months of Inventory (Over 18% SAL): Prices will likely RISE
Visit this link to learn more about house prices and inventory.
Sales
Sales in February remained sluggish as buyers continued to take a breather to adjust to the new interest rate environment.
Cumulative Year-to-date Sales.
2023 is off to the slowest start in over 10 years as sales (4,354) remain far below the 10-year average (7,125).
Inventory
February inventory (12,276 active listings) increased only slightly from the previous month, and are 20% below the 10-year average (15,783 average).
Sales to Active Listings
Despite the low sales, low inventory kept the Sales to Active Listing Ratio above 22%, indicating stabilizing prices.
Months of Inventory
Similarly, Months of Inventory fell to 4.5 MOI, indicating a shift back to a slight seller’s market.
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