The Greater Real Estate Board of Greater Vancouver (REBGV) reported that, for the first two months of the year, the number of properties listed for sale and those sold on the Multiple Listing Service® in Greater Vancouver outpaced the 10-year average in both categories. From a historical perspective, February's 3,097 home sales outpaced the 2,742 home sale average recorded in the region over the last ten years.
"We saw an increase in demand across our region last month as more buyers entered the market in advance of the spring season," said Jake Moldowan, REBGV president. "The intensity of this activity varied between communities. Our statistics tell us that single detached homes in Richmond and the west side of Vancouver remain the most sought after properties in our marketplace."
Between November 2010 and February 2011, the MLSLink® Housing Price Index (HPI) benchmark price of a detached home in Richmond increased $190,739 to $1,099,679, while in Vancouver West, detached home prices increased $222,185 to $1,850,072. In comparison, detached home prices across the region increased $51,762 between November 2010 and February 2011 to $848,645.
"To effectively analyse real estate statistics for the purpose of buying or selling a home, it's critical to focus on your neighborhood of choice because, like we see today, conditions and prices can fluctuate significantly within the same city or municipality," Moldowan said.
Please call to find out how your current home, or a property in an area you are interested in, compares to the latest market activity report.