MLS Sales Stats Feb 2010
February Sales Strong!
Sales activity robust through Olympic period in most areas!
Highlights
2,473 properties sold in February 2010 representing an increase of 67.1% over February 09, and a 28.6% increase over January 2010 and a 7.6% decrease from February 2008 sales of 2,676 units. The benchmark residential price index is up 19.7% from February 09 to $581,911.
It remains to be seen whether we will benefit from any Olympic effect as visitors extend their stay or plan trips to re-visit the area later in the year.
Unit sales and price trending higher
All Board Areas February 2010 vs. February 2009
Detached | units up 67.5% (+396 units) to 983 units, benchmark price up 22.5% to $800,796
Attached | units up 71.2% (+173 units) to 416 units, benchmark price up 16.2% to $494,496
Apartment | units up 65.2% (+424 units) to 1,074 units, benchmark price up 17.3% to $390,899
Northshore Snapshot | February 2010 vs. February 2009
West Van Det | 60 sold up 122% (+33 units) median price $1,425,000 up 31.8% | YTD 86 sold up 75.5% (+37 units), median price $1,385,000 up 18.1%
Detached Mix – YTD February 2010 16% of detached sales under $1.M, 48% of sales under $1.4M, 31% sold between $1.5M and $2M.
West Van Att | 6 sold +6 units from prior year | YTD 13 sold +12 units from prior year
West Van Apt |15 sold +10 units from prior year | YTD 24 sold +16 units from prior year
North Van Det | 78 sold +71% (+32 units), median price $872K +27.1% | YTD 118 sold +103.4% +60 units, median price 880K +26.3%
Detached Mix – YTD February 2010 69% of detached sales under $1M, with 15% sold between $1.M to $1.2M.
North Van Att | 30 sold +150% (+18 units), median price $611K | YTD 55 sold up 267% (+39 units)
North Van Apt | 65 sold +71.1% (+27 units), median price $375K up 21.4% | YTD 120 sold up 97% +59 units, median price $389K off 31%
New Listings
4,606 new units, an overall increase of 17.6% vs. February 2009, but a decreas of 10.5%. from January 2010. Total active listings now total 11,346 units a decline of 21% from the same period last year, and an increase of 11% from January 2010.
Days On Market (DOM)
West Van | 53 DOM in February, 39 days faster than February 09, and 6 days faster than January 2010.
North Van | 28 DOM in February, 28 days faster than February 09, and 7 days faster than January 2010.
Sea to Sky Corridor Year To Date
Corridor Sales
Detached | 1 Sold at Lions Bay (January)
Attached | 2 Sold at Seascapes (One January, one February)
Land | 1 waterfront lot Sold in Howe Sound (February)
New listings
Detached | 3 Britannia Beach, 1 Furry Creek, 3 Lions Bay, 2 Howe Sound
Attached | 5 Furry Creek, 2 Seascapes
Land | 1 Furry Creek, 12 Britannia Beach
Market Overview
The market continues to be underpinned by low interest rates. The federal government recently changed rules governing mortgage financing in an effort to cool down speculative investment and avoid any possibility of a US style housing bubble and to ensure that borrowers can withstand the inevitable rise in interest rates.
The Bank of Canada continues to hold its overnight lending rate at historic rates, at least until mid year, barring any unforseen rise in inflation.
Gone are the 95% and 100% financing schemes and extended amortixzation periods that fuelled some of the first-time buyer and investor buying of the past 12 months.
Borrowers must now qualify for a mortgage based on a 5 year term (typically higher interest rates) regardless of the actual term they select and nvestors now need to put down 20% to qualify for financing.
Source of information | Real Estate Board of Greater Vancouver - March 2, 2010
This communication is not intended to cause or induce breach of an existing agency agreement.