Home sales in the Vancouver region are on track for their second-highest February total on record as buyers’ frenzied pace shows no sign of slowing more than halfway through the month.
New sales figures published this week by Dexter Realty show that transactions are up 69 percent mid-way through February compared to the same period a year ago. So far, 1,753 homes have changed hands in the Vancouver region this month, putting February on track for a sales total above 3,500.
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According to Dexter Realty Managing Broker Kevin Skipworth, this means February 2021 should rank as the second best sales performance for the month, coming in behind only February 2016 when a record 4,254 homes were sold.
“At this time last year, we thought it was a market on the rise,” Skipworth wrote in an email sharing the February mid-month data.
“This year we know it definitely is a market on the rise and it’s safe to say we should expect this to continue through the first half of 2021. The only question is, will we see new listings come on to the market at a greater pace than they have?” he continued.
New listings rose on a monthly basis in the first half of February, up 19 percent compared to the same period in January. But this increase paled in comparison to how quickly sales ramped up in February relative to January’s mid-month total. Sales were up 79 percent monthly in February’s first half, meaning homes are flying off the shelves at a far higher rate than they’re being replaced.
Skipworth wrote that this has resulted in the active listings total remaining stagnant, while bidding wars are “the norm” and prices are climbing quickly as a result.
“There are only 8,983 active listings in Greater Vancouver currently, down from 9,511 at this point last year and 11,910 at the mid-point of February 2019,” he wrote.