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<\/a><\/p>\nPhoto:\u00a0Jose Soriano<\/a>\/Unsplash<\/a><\/em><\/p>\n Homes sales across the Vancouver region rose over 40 percent last month when compared to January 2019. But as sales continue to steadily improve following a long slump, a new challenge is threatening to slow the market recovery: a lack of new listings.<\/p>\n While January\u2019s sales were up when compared to a year ago, they remain 7.3 percent below the 10-year sales average for the month. This may not have as much to do with wary prospective homebuyers sitting on the sidelines as it does with a relative lack of supply on the market.<\/p>\n\n According to data released this week by the Real Estate Board of Greater Vancouver, there were 3,872 newly listed homes for sale in the region in January. That\u2019s a 20 percent decline compared to the new listings supply total for the same time last year and 17.4 percent below the 10-year new listings average for the month. Meantime, there were 8,617 homes on the market in January, a 20.3 percent decline compared to the same time last year.<\/p>\n REBGV President Ashley Smith flagged the unusual declining supply as a trend to watch heading into the spring season.<\/p>\n “We\u2019ve begun 2020 with steady home buyer demand that tracks close to the region\u2019s long-term average,\u201d said Smith in a media release.<\/p>\n \u201cLooking at supply, we\u2019re seeing fewer homes listed for sale than is typical for this time of year. As we approach the traditionally more active spring market, we\u2019ll keep a close eye on supply to see if the number of homes being listed is keeping pace with demand.”<\/p>\n