Greater Vancouver Real Estate Statistics – February 2013

Greater Vancouver Real Estate Statistics – February 2013

March 4, 2013 in Market News, Vancouver Real Estate News

February 2013 saw an increased level of sales compared to January this year. An increase of 33%. We saw a total of 1797 sales on the MLS for the month. Historically this was 29.4% lower than February 2012.

Although we see an slight increase month on month, we still see homes sales trending below historical averages. Last month’s sales figures were the second lowest February in the region since 2001, and trended 30.9% lower than the 10 year  average for February.

“Sales in February followed recent trends and were below seasonal averages, though our members tell us they saw more traffic at open houses last month compared to the previous six to eight months, said Eugen Klein, REBGV president.

Sales to active listing ratios are sitting at 12.2%, that’s a 2% increase from last month. This is the first time since June 2012 that the ratio has been over 11%.

“With a two-point increase in our sales to active listings ratio and a reduction in the average number of days it’s taking to sell a home, February showed some subtle indications of a changing sentiment in the marketplace compared to recent months,” Klein said.

In terms of new listings, a total of 4,833 new listings came online during the month. Compared to the same month in 2012, that was a 13% decline, and a 5.8% decline from the 5,128 new listings in January 2013. Historically, new listing numbers in February trended 4% higher than the region’s 10 year new listing average.

Detached Vancouver Homes

If we look at the number of sales of detached properties in Vancouver we see a total of 704 sales for the month of February  Compared to the same month last year when 1,101 units were sold, we see a 36.1% decrease. If we look back to 2011, then we see at 49.8% decrease from the 1,403 units sold in February 2011.

In terms of benchmark price, the detached market peaked in May 2012 and has decreased 6.8% since then to $901,500.

Apartment Properties

We sold 760 apartment properties in February 2013, which was a 25.5% decline compared to 1,020 sales in the same month for 2012. Compared to 2011 where 1,206 properties changed hands, then we are looking at a 37% decrease.

Benchmark price is sitting at $360,400 which is a 3% decline from the same month last year, and since the peak in May 2012, prices have declined 5.8%.

Attached Properties

333 attached properties were sold in February 2013, 21.5% down from the 424 sales in the same month for 2012, and 31.9% down from the 489 sold in the same month in 2011.

Prices are benchmarking at $455,500 and compared to the same month last year this represents at 0.7% decline. Peaking in April 2012, the attached benchmark price has declined 6.5%

Call me today to make sense of these numbers, and what they mean to you. Adam Chahl – 778 385 6141.

Februray 2013, Real Estate Board of Greater Vancouver, REBGV, Statistics

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