Home Buyer and Seller Activity Outpaces Historical Averages in February
Conditions
within the Metro Vancouver* housing market continued to strengthen in
February as home sale and listing totals came in well above the region’s
ten-year average for the month.
The Real Estate Board of
Greater Vancouver (REBGV) reports that residential property sales in
Greater Vancouver reached 3,061 on the Multiple Listing Service® (MLS®)
in February 2015. This represents a 21 per cent increase compared to the
2,530 sales recorded in February 2014, and a 60 per cent increase
compared to the 1,913 sales in January 2015.
Last month’s sales were 20.2 per cent above the 10-year sales average for the month.
“It’s
an active and competitive marketplace today. Buyers are motivated and
homes that are priced competitively are selling at a brisk pace right
now,” Ray Harris, REBGV president, said.
New listings for
detached, attached and apartment properties in Metro Vancouver totalled
5,425 in February. This represents a 15.4 per cent increase compared to
the 4,700 new listings reported in February 2014.
Last month’s new listing count was 11.8 per cent higher than the region’s 10-year new listing average for the month.
The
total number of properties currently listed for sale on the REBGV MLS®
is 11,898, an 11.3 per cent decline compared to February 2014 and a 10.1
per cent increase compared to January 2015.
The MLS® Home Price
Index composite benchmark price for all residential properties in Metro
Vancouver is currently $649,700. This represents a 6.4 per cent increase
compared to February 2014.
The sales-to-active-listings ratio in
February was 25.7 per cent. This is the highest that this ratio has
been in Metro Vancouver since March 2011.
“We’re seeing more
multiple offer situations and generally more traffic at open houses
today,” Harris said. “In a market such as this, it’s important to do
your homework and work with your local REALTOR® before embarking on your
home buying and selling journey.”
Sales of detached properties
in February 2015 reached 1,296, an increase of 25.6 per cent from the
1,032 detached sales recorded in February 2014, and an 84.1 per cent
increase from the 704 units sold in February 2013. The benchmark price
for a detached property in Metro Vancouver increased 9.7 per cent from
February 2014 to $1,026,300.
Sales of apartment properties
reached 1,244 in February 2015, an increase of 20.5 per cent compared to
the 1,032 sales in February 2014, and an increase of 63.7 per cent
compared to the 760 sales in February 2013. The benchmark price of an
apartment property increased 3 per cent from February 2014 to $386,500.
Attached
property sales in February 2015 totalled 521, an increase of 11.8 per
cent compared to the 466 sales in February 2014, and a 56.5 per cent
increase from the 333 attached properties sold in February 2013. The
benchmark price of an attached unit increased 4.6 per cent between
February 2014 and 2015 to $481,500.
*Editor’s Note: Areas
covered by Real Estate Board of Greater Vancouver include: Whistler,
Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver,
Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam,
Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.
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