January Market Review

Steady Trends Continue In The Greater Vancouver Market

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 MLS® in January 2014. This represents a 30.3% increase compared to the 1,351 sales recorded in January 2013, and a 9.9% decline compared to December 2013. 
Last month’s sales were 7.2% 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,” REBGV president said. New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,345 in January. This represents a 4.2% increase compared to January 2013.
Last month’s new listing count was 17.7% 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% decline compared to January 2013 and a 9% increase compared to December 2013. Sales of detached properties in January 2014 reached 728, an increase of 34.3% from the 542 detached sales recorded in January 2013, and a 10.5% increase from the 659 units sold in January 2012. 
Sales of apartment properties reached 753 in January 2014, an increase of 30.7% compared to the 576 sales in January 2013, and an increase of 14.6% compared to the 657 sales in January 2012. Attached property sales in January 2014 totalled 279, an increase of 19.7% compared to the 233 sales in January 2013, and a 6.9% increase from the 261 attached properties sold in January 2012. GV/03/14