February Market Update – Sweet Aroma of Spring
While my allergy suffering friends hate it with a passion I love the sweet aroma of spring. They will do everything in their power to avoid the growing green grass, budding trees, and blossoming flowers. In extreme cases, they will even hibernate to their homes, close their windows, and avoid all contact with Mother Nature.
The February market of 2013 was much like my friends with allergies, the market didn’t want to come out a play. However, the February 2014 market appears to be significantly different, it is in the mood to play. The Vancouver and Fraser Valley markets have both seen strong STR (Sell Through Rate) numbers. In some cases as much as 17% increase which is a major shift in the market.
The eastern part of the detached Vancouver market had the greatest increases. Port Moody and Port Coquitlam STR increased 15% and 17% respectfully from February of 2013. Port Coquitlam’s STR also topped out at a whopping 30%, which is a strong seller’s market! The shortage of inventory certainly impacted the spring mood in these two markets, both were down roughly 40%. The Fraser Valley detached market also experienced similar conditions. Langley continues to be the strongest micro market in the valley. However, Abbotsford for the first time in years gave Langley a run for it. Abbotsford’s inventory was down 26% and the STR was up by 7% from February of 2013, reflecting a significant shift in the market place.
Please feel free to contact me if you have any questions or would like to discuss the market in more detail. I am always available to serve.
STR (Sell Through Rate) Formula = Sales ÷ Active Listings + Failed Listings + Sales
Randy Dyck
604.807.4366
randy@eximus.com
