Metro Vancouver’s current balanced real estate market continued to strengthen during February, with more even activity between home buying and home selling. Residential sales in Metro Vancouver totalled 2,545 on the MLS® system in February, a 61.4% jump compared to 1,577 sales the month before. However, sales were 17.8% lower than in February 2011, (3,097 sales). Over the past 10 years February 2012 transactions were the third lowest, although only 151 sales below the 10-year average. So, while the market was slower, it was not too far off the mark.
Rosario Setticasi, REBGV president stated, “With a sales-to-active-listings ratio of over 18 per cent, we see fairly balanced conditions in our marketplace as we move into the traditionally busier spring season…Region-wide we’ve seen relative stability in home prices over the last six months, but it’s important to do your homework and consult your REALTOR® because pricing can vary considerably depending on the neighbourhood and property type.”
When reviewing all residential property types, new listings for Metro Vancouver totalled 5,552 in February. This is 2.5% lower than in February 2011, and 3.5% lower compared to the previous month. Interestingly, last month’s new listing count was the second highest February total in Metro Vancouver since 1996.
When looking at the total number of 14,055 residential properties listed on the MLS® we see a 12% jump compared to January and 17.9% compared to the previous February.
Sales of detached properties in February, 2012 for Metro Vancouver:
– 1,101 units – ↓21.5% compared to 1,402 sales in February, 2011.
The benchmark price ↑ 10.5% from the year before to $1,042,900.
Sales of apartment/condo properties in February, 2012 for Metro Vancouver:
-1,020 units – ↓ 15.4% compared to 1,206 sales in February, 2011.
The benchmark price of an apartment property ↑ 2.8% from the year before to $373,300.
Sales of attached property/town homes in February, 2012 for Metro Vancouver:
-424 units – ↓ 13.3% compared to 489 sales in February, 2011.
The benchmark price of an attached property ↑ 0.7% from the year before to $472,800.