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The market continued to strengthen through February as sales and new listings far outpaced 2014
March 14, 2015
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,061 on the Multiple Listing Service® (MLS®) in February 2015. This represents a 21 per cent increase compared to the 2,530 sales recorded in February 2014, and a 60 per cent increase compared to the 1,913 sales in January 2015.
Last month’s sales were 20.2 per cent above the 10-year sales average for the month.
“It’s an active and competitive marketplace today. Buyers are motivated and homes that are priced competitively are selling at a brisk pace right now,” Ray Harris, REBGV president, said.
New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,425 in February. This represents a 15.4 per cent increase compared to the 4,700 new listings reported in February 2014.The market continued to strengthen through February as sales and new listings far outpaced 2014.
North Vancouver sales increased 34% from Feb 2014 and rose 84% from January of this year. The strongest segment of the market continued to be single family homes, with demand in certain locations outpacing supply and lifting the median sale price to an all-time February high of $1,278,750.West Vancouver sales increased 75% from Feb 2014 and rose 150% from January.
The median price for a single family home continued to climb, reaching $2,367,500 which trails only Feb 2014 of $2,589,000 as the highest median on record.Despite an increase of new listings from Feb 2014 (17.5% in North Vancouver, 57.4% in West Vancouver), total listings were down for the month.As we move towards the Spring market we expect new listings to continue to rise and bring greater balance.
Although demand in many areas is outpacing supply, the rapid appreciation of prices we have seen in the last few months will most likely begin to price buyers out of the market.