The latest Real Estate Board of Greater Vancouver report on the MLS® home market is out, and here's how February's 2,530 home sales compare with sales of the last three years and the 10-year average.
Sales and Listings
Sales are sticking to the 10-year average. So are new listings. The 4,700 homes listed in February are just 0.5 per cent below the 10-year average for new listings. However, there were 12.1 per cent fewer homes listed than in January.
Active listings are still up by 6.4 per cent. There were 13,412 homes on the market at the end of February. With no big influx of new listings and extremely lively sales, the sales-to-active-listings ratio rose 4.9 per cent from February. It now sits at 18.9 per cent, the highest it's been since March 2012, indicating a healthy demand.
Here's how the sales break down by housing type.
What's Up, What's Down - At a Glance Feb / Jan 2014 Feb 2014 / Feb 2013 Overall Sales +43.8% +40.8% - Detached +41.9% +46.6% - Townhome +67.0% +39.9% - Apartment +37.1% +35.8% New Listings -12.1% -2.8% Current Listings +6.4% -9.3%
Benchmark Price (MLS® Home Price Index)
The MLS® Benchmark prices continue to hold steady, increasing ever-so-slightly every month.
Greater Vancouver MLS® Benchmark Prices % Change Jan 2014 Dec 2013 Jan 2013 Detached $932,900 +0.3% +3.5% Townhome $458,300 +0.1% +0.6% Apartment $373,300 +0.5% +3.6%
Real Estate Board of Greater Vancouver president Sandra Wyant has a wrap-up of the February housing market update.
REW.ca's Janai York recently interviewed several other Greater Vancouver Real Estate Agents to get their forecasts for their own territories in 2014:
Burnaby and New Westminster, James Garbutt
Tsawwassen and Ladner, Bob Cooke
For February statistics broken down by community and housing type, see the detailed REBGV monthly report.
