The market is strong in the entry to mid-level range to start the year
Wyng Chow
Sun
CREDIT: Glenn Baglo, Van. Sun This 15,260-square-foot house at 3639 Osler in Vancouver topped the list as the most expensive sold last year — at $6.58 million
Year-over-year housing sales dropped in January but average prices and inventory rose as the real estate markets in Greater Vancouver and Fraser Valley ushered in the new year.Multiple Listing Service figures show a total of 1,966 detached homes, townhouses and condominium apartments changed hands last month in Greater Vancouver, down 12 per cent from 2,248 units in January 2002. Fraser Valley sales fell 11 per cent with 1,034 transactions in January, compared with 1,165 homes the previous year.
“Last year, the market at this time had strong momentum due to pent-up demand and a sharp drop in mortgage rates,” said realtor Stephanie Corcoran, president of the Real Estate Board of Greater Vancouver.
“Now, the market continues to remain strong with activity focused in the entry to mid-level price range.”
Corcoran and Fraser Valley Real Estate Board head Patti Flostrand both expressed optimism for a buoyant spring market as the number of active listings in the region improved by five per cent in January over the previous year.
“Going into January, we had a low inventory of homes for buyers to choose from,” Flostrand noted. “With the increase in listings coming on to the market, we expect sales activity to remain steady.”
While sales decreased, average prices climbed in each of the three main housing categories.
In Greater Vancouver, the average MLS selling price of a detached home in January rose 16 per cent to $422,700, up from $363,900 the year before.
The average condo price jumped 19 per cent to $206,200, compared with $172,200, while the average townhouse price inched up to $251,100 from $250,000 in January 2002.
In the six Fraser Valley communities, detached homes sold at an average price of $288,800 last month, up 12.7 per cent from $256,300 the previous year.
Townhouses fetched an average of $187,800, about four per cent higher than $180,800 in January 2002, and condos saw an improvement of 8.3 per cent to $121,200 from $111,900.
10 Most-Expensive MLS home sales 2002
While there has been brisk movement in family homes over the past year, there have also been some notable sales of ultra-high-end residences. These are the 10 most-expensive MLS-listed houses sold in Greater Vancouver last year:
3639 Osler, Vancouver (15,260 square ft., $6.58 million)
1681 Drummond, Vancouver (12,126 sq. ft., $5.5 million)
4769 West 2nd, Vancouver (13,470 sq. ft., $5.3 million)
5530 Kingston Rd. Vancouver (10,854 sq. ft., $5.2 million)
2965 Mathers, West Van (11,120 sq. ft., $4.6 million)
3190 Travers, West Van (8,844 sq. ft., $4.5 million)
1611 Drummond, Vancouver (4,925 sq. ft., $4.5 million)
2686 Bellevue, West Van (6,009 sq. ft., $3.9 million)
2967 Point Grey Rd., Van (6,648 sq. ft., $3.68 million)
2818 Bellevue, West Van (2,000 sq. ft., $3.5 million)
