February 2013 Market Update

(March 04, 2013 )

HOME SALES CONTINUE AT BELOW AVERAGE PACE


Home sale activity has trended below historical averages for a full year in the Greater Vancouver housing market.

February residential property sales in Greater Vancouver are down 29.4%, however have increased since January 2013 sales by 33%.  Feburary's sales were the 2nd lowest since 2001.  Although the trends are below seasonal averages, Realtor's have been seeing more traffic at open houses last month compared to the previous 6-8 months.

The sales to active listings ratio currently sits at 12.2% in Greater Vancouver - this is the 1st time we have seen this ratio above 11% since June 2012.

With a 2% increase in our sales to active listings ratio and a reduction in the average number of days it takes to sell a property, interest rates still very low, February showed some subtle indications of a change in our market place. 

The total number of properties currently listed for sale on the Greater Vancouver MLS is 14,789, a 5.2% increase compared to February 2012.

NORTH VANCOUVER STATS

Detached Homes Benchmark Price $924,200
1 year change -2.9%
3 year change +6.3%
5 year change +4.6%

Townhouse Benchmark Price $585,800
1 year change -1.8%
3 year change +1.5%
5 year change +1.4%

Apartments Benchmark Price $343,300
1 year change -0.7%
3 year change -0.9%
5 year change -3.4%

WEST VANCOUVER STATS

Detached Homes Benchmark Price $1,813,800
1 year change -1.5%
3 year change +22.7%
5 year change +15.6%

Townhouse Benchmark Price $700,300
1 year change +4.5%
3 year change +6.0%
5 year change +10.2%