In the first two months of 2014, the Greater Vancouver housing market has maintained the steady pace set throughout 2013.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,530 on the Multiple Listing Service® (MLS®) in February 2014. This represents a 40.8 per cent increase compared to the 1,797 sales recorded in February 2013, and a 43.8 per cent 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 per cent in Greater Vancouver, a 4.9 per cent increase from last month.

“Home buyer demand picked up in February, which is consistent with typical seasonal patterns in our housing market,” said Sandra Wyant, REBGV president.  “We typically see home buyers become more active in and around the spring months.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,700 in February. This represents a 2.8 per cent decline compared to the 4,833 new listings reported in February 2013 and a 12.1 per cent decline from the 5,345 new listings in January. Last month’s new listing count was 0.5 per cent 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 per cent decline compared to February 2013 and a 6.4 per cent increase compared to January 2014.

“With the market continuing to perform at a steady, balanced pace, it’s important for home sellers to ensure their homes are priced correctly for today’s conditions,” Wyant said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $609,100. This represents a 3.2 per cent increase compared to February 2013.

Sales of detached properties in February 2014 reached 1,032, an increase of 46.6 per cent from the 704 detached sales recorded in February 2013, and a 6.3 per cent decrease from the 1,101 units sold in February 2012. The benchmark price for detached properties increased 3.5 per cent from February 2013 to $932,900.

Sales of apartment properties reached 1,032 in February 2014, an increase of 35.8 per cent compared to the 760 sales in February 2013, and a 1.2 per cent increase compared to the 1,020 sales in February 2012. The benchmark price of an apartment property increased 3.6 per cent from February 2013 to $373,300.

Attached property sales in February 2014 totalled 466, an increase of 39.9 per cent compared to the 333 sales in February 2013, and a 9.9 per cent increase from the 424 attached properties sold in February 2012. The benchmark price of an attached unit increased 0.6 per cent between February 2013 and 2014 to $458,300.

Courtesy of the Greater Vancouver Real Estate Board

If you're like most people, you go to see a doctor when you're not feeling well or have a health concern. However, you may also visit your doctor for a check-up, or to ask questions about healthy living.  In fact, consulting your doctor for anything health-related is a smart 
idea.  The same holds true when it comes to real estate.

Many people only call a REALTOR® when they're planning on selling their property or buying a new home, or both. While that's an important reason to speak to a REALTOR®, it's not the only reason.  Indeed, there are many good reasons for you to give a  
REALTOR® a call.

For example: 

• If you have a question about the state of the local real estate market. (Remember that it may be very different from what you hear on the news about the national market.) 

• If you want to get a sense of what homes are currently selling for in the area.

• If you are thinking of downsizing and need help with where to start?  I have resources to help you with this such as people that declutter, storage solutions, & cleaners.

• If you want to determine the current market value of your property. 

• If you want to find out how much homes cost in neighbourhoods you'd like to consider. 

• If you're thinking about the possibility of making a move, but you’re not sure if it’s the right time.

• If you are thinking of doing renovations prior to listing - I have many contacts to help people whether it be changing out flooring, painting, re-roofing, staging, to name a few!

In other words, don't be afraid to contact a me when you have a question or need some advice about the real estate market.  I'm always here and very happy to help!