VANCOUVER WEST FEBRUARY HOUSE MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release reflects on last month as having Sellers return to the market, adding 31.1 percent more new listings than February 2023. Total inventory is up 16.3 percent. This mitigates the market tilting into overheated conditions but doesn’t abate the accelerated prices that started the year due to Buyer demand. Residential sales are 13.5 percent higher February to February, the composite value of all properties is 4.5 percent higher year to year and the advantage seems to be moving in favour of Sellers.
The graph illustrates a 2 percent increase from January to February for the average price of Metro Vancouver detached properties. The benchmark price for houses in February 2024 is 7.2 percent more than the previous February. Year to year the volume of detached home sales is up 8.3 percent.
Last month versus February 2023, Vancouver west detached prices are up 5.2 percent. West side house sales are at par year to year. February 2024 inventory is 10.1 percent higher than the previous February.
From January to February west side house sales increase 69.2 percent. Month to month detached inventory rises 11.6 percent.