Property Listings and Sales Report for Greater Vancouver February 2012

Greetings People

I hope you are all going to get the chance to enjoy what promises to be  sunny week ahead. I sure am as the recent rains have been a bit of a drag. 

So what has been happening on the property market front? Here are the condensed date reports from the Real Estate Board of Greater Vancouver.

• Residential sales in Greater Vancouver reached 2,545 in February 2012 representing 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 per cent 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.
• 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.
• Sales of detached properties on the MLS® in February 2012 reached 1,101, a decline of 21.5 per cent from the 1,402 detached sales recorded in February 2011, and a 12 per cent increase from the 983 units sold in February 2010. The benchmark price for detached properties increased 10.5 per cent from February 2011 to $1,042,900.
• Sales of apartment properties reached 1,020 in February 2012, a decline of 15.4 per cent compared to the 1,206 sales in February 2011, and a decrease of 5 per cent compared to the 1,074 sales in February 2010. The benchmark price of an apartment property increased 2.8 per cent from February 2011 to $373,300.
• Town home property sales in February 2012 totalled 424, a decline of 13.3 per cent compared to the 489 sales in February 2011, and a 1.9 per cent increase from the 416 townhome properties sold in February 2010. The benchmark price of a townhome unit increased 0.7 per cent between February 2011 and 2012 to $472,800.
  

The spring market is fast approaching and with a sales to active listing ratio of 18%, we are definitely in a more balanced market. For all your serious sellers out there, getting your price sharp in line with the current markets and remaining competitive is the key to success. For potential buyers, there are some great opportunities out there with a lot to choose from and favourable conditions to put in a fair offer taking advantage of the competitive prices. 

Good luck everyone and stay tuned for more information. 

Have a great week

Cheers

Gerry