Vancouver, BC - Feb. 4, 2014 - The first month of 2014 saw home sale and listing totals outpace historical averages in the Greater Vancouver housing market.
 
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 1,760 on the Multiple Listing Service® (MLS®) in January 2014. This represents a 30.3 per cent increase compared to the 1,351 sales recorded in January 2013, and a 9.9 percent decline compared to the 1,953 sales in December 2013.
 
Last month’s sales were 7.2 percent above the 10-year sales average for the month.

“The Greater Vancouver housing market has been in a balanced market for nearly a year. This has meant steady home sale and listing activity accompanied by stable home prices,” Sandra Wyant, REBGV president said.
 
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,345 in January. This represents a 4.2 percent increase compared to the 5,128 new listings reported in January 2013.
 
Last month’s new listing count was 17.7 percent higher than 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 12,602, a 4.9 percent decline compared to January 2013 and a nine percent increase compared to December 2013.
 
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $606,800. This represents a 3.2 percent increase compared to January 2013.
 
With the sales-to-active-listings ratio at 14 percent, the region remains in balanced market territory. “If you’re looking to sell your home in a balanced market, it’s critical that your list price is reflective of current market conditions,” Wyant said.
 
Sales of detached properties in January 2014 reached 728, an increase of 34.3 percent from the 542 detached sales recorded in January 2013, and a 10.5 percent increase from the 659 units sold in January 2012. The benchmark price for a detached property in Greater Vancouver increased 3.2 percent from January 2013 to $929,700.
 
Sales of apartment properties reached 753 in January 2014, an increase of 30.7 percent compared to the 576 sales in January 2013, and an increase of 14.6 percent compared to the 657 sales in January 2012. The benchmark price of an apartment property increased 3.7 percent from January 2013 to $371,500.
 
Attached property sales in January 2014 totalled 279, an increase of 19.7 percent compared to the 233 sales in January 2013, and a 6.9 percent increase from the 261 attached properties sold in January 2012. The benchmark price of an attached unit increased 1.7 percent between January 2013 and 2014 to $457,700.

Vancouver’s housing market finishes the year on an up note with solid momentum and balanced conditions. I’ve being saying this for most of this past year, balanced conditions and a sound market. These conditions are ideal for those looking to buy and sell. Ideal market conditions!

On Vancouver’s Westside single family sales have finished the year up by 33% from 2012. The average sale price increased by 5% to $ 2.546 million and the supply of homes is down by 12% from this period last year.

The same sound picture looks to be true for the townhome and condo market. Sales up by 16 and 11% for townhomes and condos, average sale prices almost unchanged and the supply down by 29% and 12% respectively.

There seems to be a greater sense of consumer optimism as we head into 2014 with regards to our real estate market. A year ago there was much talk of a looming correction which has not seemed to materialize.  The talk on the street now appears more confident that market conditions will remain sound with prices holding steady.  

The past year saw strong demand for building lots of all sizes and still appears to be the case. Also in strong demand looks to be new construction homes on 50 foot and wider lots. These homes appeared to correct downward in the late part of 2012 and by early 2013 demand was back.

If you are planning to sell your home this coming year call upon Jill and I to provide you with an honest realistic assessment of your home. This past year we helped 60 homeowners achieve their real estate goals with success. Put our 21 years of real estate experience to work for you.

Sincerely,

Andrew Hasman
Mobile:604-657-7936
andrew@andrewhasman.com