Market Update
February 2012
The first month of 2012 is officially in the books. Hopefully your new year's resolutions are still in tact and the year is off to a great start!
The Vancouver real estate market has picked up significantly after a sleepy holiday season. Listing inventories are up 18-38% with the curious exception of Vancouver East detached homes, which sat flat. Sales are up 20-70% depending on the neighbourhood, which makes sense given the low sales numbers through December. Median pricing is all over the place compared to December, though some trends should develop next month.
The sub-categories that were in highest demand last month, determined by current absorption rates, were:
- Entry-level condos (less than $300k) in Vancouver Westside
- Mid-level condos & townhomes ($500-600k) in Vancouver East
- Higher end condos ($700-800k) in North Vancouver
- Entry-level condos ($300-400k) Downtown.
- The entire sub-$1.2m detached market in North Vancouver
- Entry-level detached houses ($700-900k) in Vancouver East
- Mid-level detached houses ($1.4-2.0m) in Vancouver West
Look for further increases in listing inventory and more active sales next month. With low interest rates essentially guaranteed until 2014 and a healthy stable of eager buyers, it looks like we will have another busy Spring market this year. And, like 2011, it looks like the Spring market may start a little early this year.
Rob
Unique Homes Blog
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