Happy New Year! I hope you all had a safe and joyous holiday season, filled with friends, family and good times.
Before I get into the market info, I wanted to say a heartfelt 'Thank You' to all of my clients. In 2013 I helped people buy and/or sell just under $6.8 million dollars worth of real estate. Thank you so much for your business and referrals!
2013 started off as 2012 finished - quite slow with sales below the 10 year averages for the region. As the year progressed, we saw sales volume pick up back to average levels, while prices remained fairly stable.
“It was a year of stability for the Greater Vancouver housing market,” Sandra Wyant, REBGV president, said. “Balanced conditions allowed home prices in the region to remain steady, with just a modest increase over the last 12 months.”
Looking specifically at December 2013, sales volume was 8.1% above the 10-year December average at 1,953 for the Greater Vancouver area. Compared to December 2012, that represents a whopping 71% increase when 1,142 sales were recorded. No wonder December felt so busy this year :)
Zooming in to Vancouver's westside, detached, attached and apartment properties finished out the year in 'balanced' market conditions. The eastside market segments all finished in 'seller's' market territory, due in part to a decrease in the number of active listings.
A lot of predictions are being made for the year ahead and what actually happens will depend a lot on how both our economy and that of our cousins to the south recover and perform (along with the international markets). My feeling is that we'll see a continuing trend to that of the latter half of 2013 - an overall balanced market with moderate increases in both sales volume and pricing levels.
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