Are you contemplating joining the market this spring? The REBGV recently laid out the pros to professionals establishing your property’s selling price. The article breaks-down the key factors for determining your home’s current market value which your realtor utilizes to ensure your asking price is one you can live with, while attracting the best possible offers. From there, you can get an idea where your property value is in relation to the rest of the market with the February stats.
Supply is still short of demand in the Lower Mainland real estate market. February proved to be the highest selling one on record in Metro Vancouver at 53.6% above the 10-year average. The month closed with a total number of residential property sales at 4,172; that’s a 36.3% increase from February 2015.
The 65.6% sales increase from January 2016 suggests the market is already gearing up for its busy season: Spring. “We’re beginning to see home listings increase as we head toward the spring market, however, additional supply is still needed to meet today’s demand,” said Real Estate Board of Greater Vancouver’s president Darcy McLeod. Considering the total number of properties listed on MLS® is 7,299, a 38.7% decline from February 2015, it still remains a seller’s market.
The Numbers At a Glance:
Sales-to-Active-Listings ratio: 57.2%
Benchmark price for all residential properties: $795,500
22.2% increase from February 2015
Benchmark price for a detached property is $1,305,600
27% increase from February 2015
Detached property sales totaled 1,778
37.2% increase from February 2015
Benchmark price for an apartment property is $454,600
43.9% sales increase from February 2015
Apartment property sales totaled 1,790
43.9% increase from February 2015
Benchmark price for an attached unit is $454,600
17.7% increase from February 2015
Attached property sales totaled 604
15.9% increase from February 2015
*REBGV Editor’s Note: Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.
Photo courtesy of: Gilad Rom