Market Update: Vancouver Home Sales Up Huge In January 2014Posted on February 15, 2014
Starting 2014 Off With A Bang
As I’m always keen to start a new year on the right foot, it’s been a busy start to 2014 for me. Helping many of you move into new homes and moving into a new home myself, this year is set to be another great one. It doesn’t hurt that January has been one of the sunniest Vancouver has ever had, and that always puts people in a good mood. Those good vibes are spreading to the Real Estate market too. There was a total of 1,760 homes sold in Metro Vancouver last month. That is up nearly a third from last January.
A Noteworthy January For Real Estate
Historically, January has been a slow time for Real Estate in Vancouver. Home buyers are typically watching their spending after the Holidays and moving in the cold and wet can be a drag. So when the sunny weather hits, people are more eager to visit Open Houses and make those big purchases. Obviously, there is more than just good weather contributing to the rise in Real Estate sales last month, but that’s a story for another time.
Huge Boosts Puts 2014 Above The Average
What’s important to note here is that we are sitting a comfortable 7% higher than the ten-year average for January. This increase in real estate purchases also coincides with a 3.2% boost in sale prices for Metro Vancouver, compared to January 2013. Although a rise in selling price of real estate is continually on an upward trend, it seldom increases more than a percentage point.
What does this mean if you’re looking to sell your property?
There are a lot of positives to be taken from all this. More homes being sold at higher prices certainly shows that listing your property at this time of year isn’t as risky as in years past. Listing your property before the Springtime rush, could put you in good standing for a quick sale.
Whether you’re ready to sell or just exploring your options, it’s necessary to look at the bigger picture; January is typically a down month for real estate sales in Vancouver so this could very well be a positive sign of things to come. Even despite the Canadian Government’s recent announcement that they are scrapping the controversial “Millionaire Visa”. These new rules are unlikely to affect the vast majority of the market as most of the home sales in Vancouver are from local buyers. So we should continue to ride this wave of positive news through the rest of the year.