Blog by Ann Hickey

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What Happened in the Market in February?

Market Overview
Single Family Detached Residential Properties

 
The Winter real estate market is in full force!  The New Year kicked off to a great start, and it hasn’t slowed. 
 
North Vancouver’s gross sales (total value of detached homes sold) are up 88% from last month, and 37% from last year.  That’s a sellers market!  It’s not only a handful of pricey homes leading the charge. The number of homes sold increased 80% compared to last month, and the benchmark price stayed the same as January 2014, at $948,600.
 
West Vancouver had an active February, with gross sales up 145%, and number of homes sold doubling when measured up to last February.  Compared to last month, gross sales are up 71%, and the average price per home increased from $2,223,939 to $2,656,352.  However the benchmark price’s slight increase to $1,901,000 indicates that the average price has swayed to include some high-end priced homes compared to what is typical value in West Vancouver.
 
Vancouver Westside remains a busy market, with gross sales increasing 64% compared to last year.  With 172 homes sold this month, almost doubling since the start of the year, we notice a change in number of homes listed, down 11% since last year and 45% from January 2014.  Are sellers hesitating to list, wondering where they will go? Will decreased supply levels result in even greater price increases?
 
It’s a fun market.  I enjoy discussing the changes and expectations, please call me with any questions.

Source: Real Estate Board of Greater Vancouver

Feb Stats Graph