Local home sales soared last month
Posted March 4, 2014 10:55 am.
This article is more than 5 years old.
VANCOUVER (NEWS1130) – Vancouver-area home sales shot higher in February, with prices also gaining and single-detached homes at a record high.
An industry group says local home sales last month were 40.8 per cent higher than a year earlier, totalling 2,530.
Sales of single-detached homes soared 46.6 per cent, while apartment-style condos were up 35.8 per cent.
“Home buyer demand picked up in February, which is consistent with typical seasonal patterns in our housing market,” said Sandra Wyant, REBGV president. “We typically see home buyers become more active in and around the spring months.”
The Real Estate Board of Greater Vancouver says its adjusted “benchmark” price rose 3.2 per cent to $609,100.
Sales-to-listings, an indicator of market activity, were higher than in January.
The unadjusted average price of a detached home was up 11.5 per cent to a record $1.36 million. Condos rose 6.6 per cent to $454,000.
New listings totalled 4,700 last month, which is a 2.8 per cent decline when compared to new listings reported a year before.
The figures covers most of Metro Vancouver except Surrey.
