In February 2017, there was a total of 2,425 sales which is a 41.9% decrease from the record 4,172 sales in February 2016 and an 59.2% increase compared to January 2017.
The sales in January were 7.7% below the 10-year February sales average for the month.
As you can see from the infographic, there is still a relatively strong demand for condos and townhomes. For apartments, there were 2,253 active listings, 1,275 sales, resulting in a sales-to-active listing ratio of 56.6% which is very strong. For townhomes, there were 1,031 active listings, 404 sales, resulting in a sales-to-active listing ratio of 39.2% which indicates a good demand. As for detached homes, there were 4,310 active listings, only 745 sales, resulting in a sales-to-active listing ratio of 17.3%.
Though a 17.3% sales-to-active listing ratio is low for the detached market, I still see homes selling quickly with multiple offers if it is priced and marketed well. There is endless supply of overpriced inventory in the detached market with many sellers thinking they can capitalize from the hot market from last year, which is not happening in today’s market.
Sales-to-Active Listing Ratio in recent months:
January 2017 21%
February 2017 39.1%
To put it into perspective, a 10-12% or less indicates it is a Buyer's market, 20% or above is a Seller's market, and in between is a balanced market. The highest we have seen was 70% in March 2016.
See the detailed report by clicking here