What Happened in the Market in February?
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