Greater Vancouver Real Estate Report – February, 2012

March 4, 2012

in Real Estate Report, Vancouver real estate

Greater Vancouver housing market trends near long-term averages as spring market approaches

VANCOUVER, B.C. – March 2, 2012 – Closer alignment between home buyer and seller activity helped bring greater balance to the Greater Vancouver housing market in February.

Greater Vancouver price indexThe 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 per cent increase compared to the 1,577 sales recorded in January 2012, a decline of 17.8 per cent compared to the 3,097 sales in February 2011 and a 2.9 percent 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 151sales below the 10-year average.

“With a sales-to-active-listings ratio of over 18 per cent, 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 per cent decline compared to February 2011 when 5,693 properties were listed, and a 3.5 per cent 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 per cent in February compared to last month and increased 17.9 per cent from this time last year.

Read the full report here.

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