Sales Soften; Prices Strengthen
Overall Metro Vancouver home prices continued to rise in February, even as sales dipped below the long-term historical average for the area.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totaled 2,207 in February 2018, a 9 percent decrease from the 2,424 sales recorded in February 2017. Meanwhile, the MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver reached $1,071,800, a year-over-year increase of 16.9 percent.
Breaking sales and prices down by home type, there were 621 detached property sales in February 2018, a 16.6 percent drop from February 2017 sales, while the benchmark price for detached properties came in at $1,602,000, an 8.2 percent increase from February 2017. Sales of apartment properties reached 1,185 in February 2018, a 7.1 percent decrease compared to February 2017 sales, as the benchmark price of an apartment property rose to $682,800, up 27.2 percent from February 2017. Attached property sales in February 2018 came in at 401, three sales less than in February 2017. The benchmark price of an attached unit rose 18.1 percent from the previous February to $819,200.
There were 7,822 homes listed for sale on the MLS® system in Metro Vancouver in February, a 3 percent increase compared to February 2017.
Jill Oudil, REBGV president said, "... the supply of apartment and townhome properties for sale today is unable to meet demand. On the other hand, our detached home market is beginning to enter buyers' market territory."
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