February Market Review

Home sales and listings continue to follow historical averages
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,530 on the MLS® in February 2014. This represents a 40.8% increase compared to the 1,797 sales recorded in February 2013, and a 43.8% increase compared to the 1,760 sales in January 2014. 

Last month’s sales total mirrors the 10-year sales average for February of 2,547, with just 17 sales separating the two figures. The sales-to-active-listings ratio currently sits at 18.9%, a 4.9% increase from last month. “Home buyer demand picked up in February, which is consistent with typical seasonal patterns.” said REBGV president.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,700 in February. This represents a 2.8% decline compared to February 2013 and a 12.1% decline from the 5,345 new listings in January. Last month’s new listing count was 0.5% below 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 13,412, a 9.3% decline compared to February 2013 and a 6.4% increase compared to January 2014. Sales of detached properties in February 2014 reached 1,032, an increase of 46.6% from the 704 detached sales recorded in February 2013, and a 6.3% decrease from February 2012.

Sales of apartment properties reached 1,032 in February 2014, an increase of 35.8% compared to the 760 sales in February 2013, and a 1.2% increase compared to February 2012.

Attached property sales in February 2014 totalled 466, an increase of 39.9% compared to the 333 sales in February 2013, and a 9.9% increase from the 424 attached properties sold in February 2012