Tue Mar 4, 2014 11:44am PST
Home sales in Metro Vancouver and the Fraser Valley continued to stabilize in February while prices rose slightly, according to statistics that real estate boards released March 4.
Metro Vancouver had 2,530 home sales in February, which was 17 fewer than the 10-year average for the month of 2,547 but 40.8% more than in February 2013.
Active listings fell so the sales-to-active-listings ratio rose 4.9 percentage points to 18.9% in February compared with 14% in January.
“Home buyer demand picked up in February, which is consistent with typical seasonal patterns in our housing market,” said Sandra Wyant, who is president of the Real Estate Board of Greater Vancouver (REBGV).
“We typically see home buyers become more active in and around the spring months.”
The benchmark price for a Metro Vancouver home increased by about one-third of 1% to $609,100 in February compared with $606,800 in January. The REBGV includes most of the Lower Mainland as well as Squamish and Whistler
The Fraser Valley Real Estate Board includes North Delta, Surrey, Langley, Abbotsford and Mission in its statistics and saw a similar pattern.
The benchmark prices for a Fraser Valley home rose about 1% to $558,100 compared with $552,500 in January.
There were 1,102 home sales in the Fraser Valley in February, which was 21% more than in February 2013. Listings inched up 3% year-over-year so the sales-to-active-listings ratio rose three percentage points to 13% in February up from 10% in January.
“The last time we saw an improvement in the market this early in the year was two years ago when we ended up having a solid, steady market from February through to mid-summer,” said FVREB president Ray Werger. “It’s too early to predict whether this year will be similar, but for now sales are up and the average number of days to sell a detached home is one week faster than it was in January.”