Hi Everyone I’m Gary Paul here with your March 2021 Real Estate Market update for Greater Vancouver. Sales information for February 2021 has just arrived and we saw 3,700 homes sold. That represents an increase of 73% from a year ago.
If you have a well priced home for sale, you are certainly experiencing a market where home sellers are in the drivers seat when it comes to accepting multiple offers, and that fact is putting upward pressure on home prices across the Lower Mainland.
There were 5,000 newly listed properties enter the market last month, that number is up 26.1% compared to February 2020. The total number of properties listed at the end of February was 8,300. We saw 44% of the inventory across the board sold in February. The supply of properties listed for sale is not keeping pace with demand.
Let’s unpack February home prices, the benchmark composite price for a single family home increased 13.7% to $1,621,000 from a year ago.
Apartment condo sale prices increased 2.5% year over year to $697,000 and attached home prices saw an increase of 7.2% from February of 2020 with the benchmark price last month reaching $839,000. Low interest rates remain a key driver in today’s market.
I cover the Greater Vancouver area, to find out what is happening in your local market feel free to contact me by phone or email.