FEBRUARY REAL ESTATE SALES SET RECORDS
Last month was the highest selling February on record for the Metro Vancouver housing market. Residential sales in the area totalled 4,172 homes in February 2016 an increase of 36.3% from the recorded home sales of 3,061 recorded in February 2015.
February 2016 Real Estate Sales volume ws 56.3% above the 10 year sales average for the month and ranked the highest February on record!
The Market overall is very competitive, fast moving that favours Sellers. The Market appears to be fueled by Off Shore Buyers looking to invest in a solid & safe real estate market such as the Greater Vancouver area. As the prices continue to soar in the Vancouver area, the outlying suburb areas are also now experiencing high sales volume & price increases. Many Buyers find the Metro Vancouver area becoming unaffordable and find more value for their dollar in the suburb communities.
Detached Residential Properties Prices increased by an average of 27% from February 2015 while attached properties increased by 17% over the same period.
Increases & market activity varied from different regions in the lower mainland.
The following areas were leaders in Sale price increases from February 2015 as follow:
The current activity is still considered a "Sellers Market" where the home Buyer demand is high and the Home seller supply is low.
If you are thinking of Selling it is an ideal time, especially now when inventory levels are low. It is also important to always price your home sharply & competitively to obtain its maximum value!
If you require any real assistance in Selling or Buying please do not hesitate to contact me...
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604-328-2500 | eric.holm@century 21.ca
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