Posted on
February 3, 2014
by
Alisa Sakamoto
Steady trends continue in the Greater
Vancouver housing market
VANCOUVER, BC. - February 4, 2014 - The
first month of 2014 saw home sale and listing totals outpace historical
averages in the Greater Vancouver housing market.
The
Real Estate Board of Greater Vancouver (REBGV) reports that residential
property sales in Greater Vancouver reached 1,760 on the Multiple Listing
Service® (MLS®) in January 2014. This represents a 30.3 per cent increase
compared to the 1,351 sales recorded in January 2013, and a 9.9 per cent
decline compared to the 1,953 sales in December 2013.
Last
month’s sales were 7.2 per cent above the 10-year sales average for the month.
“The
Greater Vancouver housing market has been in a balanced market for nearly a
year. This has meant steady home sale and listing activity accompanied by
stable home prices,” Sandra Wyant, REBGV president said.
New
listings for detached, attached and apartment properties in Greater Vancouver
totalled 5,345 in January. This represents a 4.2 per cent increase compared to
the 5,128 new listings reported in January 2013.
Last
month’s new listing count was 17.7 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 Greater Vancouver
MLS® is 12,602, a 4.9 per cent decline compared to January 2013 and a nine per
cent increase compared to December 2013.
The
MLS® Home Price Index composite benchmark price for all residential properties
in Metro Vancouver is currently $606,800. This represents a 3.2 per cent
increase compared to January 2013.
With
the sales-to-active-listings ratio at 14 per cent, the region remains in
balanced market territory.
“If
you’re looking to sell your home in a balanced market, it’s critical that your
list price is reflective of current market conditions,” Wyant said.
Sales
of detached properties in January 2014 reached 728, an increase of 34.3 per
cent from the 542 detached sales recorded in January 2013, and a 10.5 per cent
increase from the 659 units sold in January 2012. The benchmark price for a
detached property in Greater Vancouver increased 3.2 per cent from January 2013
to $929,700.
Sales
of apartment properties reached 753 in January 2014, an increase of 30.7 per
cent compared to the 576 sales in January 2013, and an increase of 14.6 per
cent compared to the 657 sales in January 2012. The benchmark price of an
apartment property increased 3.7 per cent from January 2013 to $371,500.
Attached
property sales in January 2014 totalled 279, an increase of 19.7 per cent
compared to the 233 sales in January 2013, and a 6.9 per cent increase from the
261 attached properties sold in January 2012. The benchmark price of an
attached unit increased 1.7 per cent between January 2013 and 2014 to $457,700.
Download the complete stats package by clicking here.
Courtesy of the Real Estate Board of Greater Vancouver