February 2014 - The Market's Heating Up!

(March 04, 2014 )

In the first two months of 2014, the Greater Vancouver housing market has maintained steady pace set in 2013.

Residential property sales in Greater Vancouver were  up 40.8% in February 2014 compared to February 2013.  If you look at the 10 year average sales this totals 2,547, February sales were 2530, only 17 sales difference.
The sales-to-active-listings ratio currently sits at 18.9% in Greater Vancouver, a 4.9% increase from last month.
Home buyer demand picked up in February, which is consistent with typical seasonal patterns in our housing market.  We typically see home buyers become more active in and around the spring months.

New listings including detached & condo's were at a 2.8% decline compared to the new listings reported in 2013.  If we look at the last 10 years new listings are 0.5% below the region's average for the month of February.

The total number of properties currently listed for sale on the Greater Vancouver MLS is down 9.3% compared to February 2013.

With the market continuing to perform at a steady, balanced pace it's important for home sellers to ensure their homes are priced correctly for today's conditions.

2014 Total Sales (Greater Vancouver) compared to 2013:
Detached Properties: Increased 46.6%
Apartments: Increased 35.8%
Townhouses: Increased 39.9%

NORTH VANCOUVER STATS

Detached Benchmark Price $948,600
1 yr change +2.6%
3 yr change +11.2%
5 yr change +26.3%

Townhouse Benchmark Price $589,500
1 yr change +0.6%
3 yr change +5.1%
5 yr change +15.2%

Apartment Benchmark Price $347,500
1 yr change 1.2%
3 yr change 3.2%
5 yr change 14.7%

WEST VANCOUVER STATS

Detached Benchmark Price $1,901,000
1 yr change +4.8%
3 yr change 22.7%
5 yr change 51.6%

Apartments Benchmark Price $584,500
1 yr change -6.0%
3 yr change +0.6%
5 yr change +4.3%