February 2016 saw real estate listings and sales in Greater Vancouver increase but prices levelled off. Sales were up 36% from a year ago and 65% higher than January this year, totalling 56% higher than the 10 year average for the month and ranking as the highest February on record.
New Listings for houses, townhomes and condos were 7% higher than a year ago and 30% above January 2016. It is normal for listings to increase as we move into Spring.
Total inventory remains 38% lower than a year ago but listings in February were 1,200 more than January.
The sales to active ratio sits at 57%, indicating a seller's market.
The average sale price of a Greater Vancouvr house is currently $1.812.000, up 29% from a year ago but no higher than it was in January. Are house prices finally levelling?
The average sale price of a Greater Vancouver townhome is currently $668,000, up 19% from a year ago but no higher than it was in January.
The average sale price of a Greater Vancouver condo is currently $530,000, up 15% from a year ago and up from $516,000 in January. Are more buyers opting for condos due to affordability?
Average days on market dropped to 32, which is 28% lower than a year ago.
Vancouver Neighbourhood Specialist Maggie Chandler
- I a full-time Real Estate Advisor who always goes the extra mile for you! Do you wish to receive excellent service on your time frame, backed by decades of hyper-local knowledge and expertise in Vancouver’s neighbourhoods?
- How can you benefit from my knowledge of Vancouver penthouses, waterfront condos, townhomes, heritage condos, lofts, investment properties and luxury real estate ? I have marketed and sold over 1,000 properties
- How can I help you find the right home or investment property?
- Author Maggie Chandler 1648 W. 6th Ave., Vancouver, BC V6J 1R3