In the first two months of 2014, the Greater Vancouver housing market has continued on the steady pace it set in 2013. According to the Real Estate Board of Greater Vancouver, February 2014 residential property sales on the Multiple Listing Service® (MLS®) increased 40.8% (to 2,530) compared to this time last year. When we look month-to-month, sales increased 43.8% compared to January 2014.
Typical seasonal patterns in the housing market have emerged, with buyer demand picking up in February as it usually does in preparation for spring.
There were 4,700 new listings in Greater Vancouver in February. This is 2.8% fewer than in February 2013, and 12.1% fewer than in the previous month. The total number of properties currently listed is 13,412, which is 9.3% fewer than in February 2013, but 6.4% more than 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,” said Sandra Wyant, REBGV president.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $609,100, which is an increase of 3.2% compared to February 2013. The benchmark price for detached properties only in Metro Vancouver is $932,900, an increase of 3.5% from this time last year.
Sales of detached properties in February 2014 were 1,032, an increase of 46.6% compared to February 2013.
If you would like to discuss the Greater Vancouver real estate market further, I would be happy to speak with you. Call me – I’m Holm!