Those January numbers arrived in my mailbox early this morning.
The total number of listed homes on MLS in Metro Vancouver is down 31.8% compared to January/21. Of course each area of Metro is a little different & sales to listing ratio for single family homes is lower than townhomes which are highest. Condos fall in the middle so it may be easier to find a home to buy than a townhouse, depending on where you live.
What might change in the next few months?
- interest rates are going up so some Buyers might not find it worthwhile to make a move now
- more sellers tend to think of a "spring" market & usually listings do begin to pick up beginning in March
- snowbirds, at least those that did head south this year, come back in the Spring. If they have any plans to sell, they'll do it in the Spring.
- some of those Sellers sitting for months with unrealisting pricing will decide to be more flexible on price, at least they will if they truly want to sell.
There is hope for Buyers; we just have to be patient :)