VANCOUVER, B.C. – March 3, 2015 – 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 percent increase compared to the 2,530 sales recorded in February 2014, and a 60 percent increase compared to the 1,913 sales in January 2015.
Last month’s sales were 20.2 percent 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 percent increase compared to the 4,700 new listings reported in February 2014.
Last month’s new listing count was 11.8 percent 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 percent decline compared to February 2014 and a 10.1 percent 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 percent increase compared to February 2014.
The sales-to-active-listings ratio in February was 25.7 percent. 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 percent from the 1,032 detached sales recorded in February 2014, and an 84.1 percent increase from the 704 units sold in February 2013. The benchmark price for a detached property in Metro Vancouver increased 9.7 percent from February 2014 to $1,026,300.
Sales of apartment properties reached 1,244 in February 2015, an increase of 20.5 percent compared to the 1,032 sales in February 2014, and an increase of 63.7 percent compared to the760 sales in February 2013. The benchmark price of an apartment property increased 3 percent from February 2014 to $386,500.
Attached property sales in February 2015 totalled 521, an increase of 11.8 percent compared to the 466 sales in February 2014, and a 56.5 percent increase from the 333 attached properties sold in February 2013. The benchmark price of an attached unit increased 4.6 percent between February 2014 and 2015 to $481,500.