Closer alignment between home buyer and seller activity helped bring greater balance to the Greater Vancouver housing market in February.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,545 on the MLS system in February, 2012. This represents a 61.4% increase compared to the 1,577 sales recorded in January, 2012, a decline of 17.8% compared to the 3,097 sales in February, 2011 and a 2.9% increase from the 2,473 home sales in February 2010.
February sales in Greater Vancouver were the third lowest February total in the region since 2002, though only 151 sales below the 10-year average.
"With a sales-to-active-listings ratio of over 18%, we see fairly balanced conditions in our marketplace as we move into the traditionally busier spring season," Rosario Setticasi, REBGV president said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,552 in February, 2012. This represents a 2.5% decline compared to February, 2011 when 5,693 properties were listed, and a 3.5% decline compared to January, 2012 when 5,756 homes were added to the MLS in Greater Vancouver.
Last month's new listing count was the second highest February total in Greater Vancouver since 1996.
At 14,055, the total number of residential property listings on the MLS increased 12% in February compared to last month and increased 17.9% from this time last year.
"Region-wide we've seen relative stability in home prices over the last six months, but it's important to do your homework and consult your REALTOR because pricing can vary considerably depending on the neighbourhood and property type," Setticasi said.
The MLS HPI benchmark price for all residential properties in Greater Vancouver currently sits at $670,900, up 6% compared to February, 2011 and an increase of 0.9% compared to January, 2012. The benchmark price for all residential properties in the Lower Mainland is $601,300, an increase of 5.5% compared to February, 2011.
Sales of detached properties on the MLS in February 2012 reached 1,101, a decline of 21.5% from the 1,402 detached sales recorded in February 2011, and a 12% increase from the 983 units sold in February, 2010. The benchmark price for detached properties increased 10.5% from February 2011 to $1,042,900.
Sales of apartment properties reached 1,020 in February, 2012, a decline of 15.4% compared to the 1,206 sales in February 2011, and a decrease of 5% compared to the 1,074 sales in February 2010. The benchmark price of an apartment property increased 2.8% from February 2011 to $373,300.
Townhome property sales in February 2012 totalled 424, a decline of 13.3% compared to the 489 sales in February, 2011, and a 1.9% increase from the 416 townhome properties sold in February,REG 2010. The benchmark price of a townhome unit increased 0.7% between February 2011 and 2012 to $472,800.
