Blog by Ann Hickey

<< back to article list

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