Condominium and townhouse sales rose in January over the previous year, but a decline in transactions involving detached houses pushed Greater Vancouver’s residential property market slightly below levels of a year ago.

However, average prices continued climbing unabatedly, as the number of available homes remain at annoying low points for would-be purchasers.

The latest Multiple Listing Service figures, released Tuesday, show a total of 1,954 units in the three main housing categories changed hands in the Vancouver region last month, compared to 1,966 sales in January 2003, a difference of less than one per cent.

The inauspicious start to the year follows a record-setting 2003, when 37,901 homes were sold, four per cent more than the previous all-time high of 36,415 units sold in 1989.

Continuing its trend as the hottest ticket in 2003, condo sales in January increased 12.9 per cent over the same period a year ago, with 834 units snapped up, up from 739 units.

The average condo price in Greater Vancouver hit $230,500 last month, up 6.3 per cent from the $216,200 at 2003’s year end, and up 11 per cent from $206,200 in January 2003.

Townhouse sales in January rose 15.3 per cent to 332 units sold, compared to 288 units the previous year. Last month’s average price of $304,800 was 12.2 per cent higher than the 2003 year-end average of $292,600, and 21.4 per cent more than $251,100 the previous January.

Among detached houses, January MLS sales in Greater Vancouver dropped 16 per cent to 788 units sold, compared to 939 units the previous year. However, the average price kept rising, reaching $495,900 last month, up 4.4 per cent from $475,100 at 2003 year end, and up 17.3 per cent from $422,700 in January 2003.

Realtors largely blame escalating prices on a chronic lack of inventory, resulting in bidding wars breaking out over desirable properties.

“We can’t get enough new listings to keep up with demand,” said Robin Vrba, of Re/Max Real Estate Services. “We have problems finding purchasers anything to buy.”

MLS data show a total of 3,420 active listings of detached homes in January in Greater Vancouver, down 20 per cent from 4,316 units a year ago.

While townhouse listings remained stable at 1,001, compared to 1,017 units the previous January, condo listings plummeted 23 per cent to 2,447 units, down from 3,196 units.

In the six Fraser Valley communities, a total of 1,025 housing units were sold on the MLS last month, a marginal decrease from 1,034 units the previous year.

Active listings fell 5.3 per cent to 5,354 units, compared to 5,656 in January 2003.

Year-over-year, the valley’s average detached price hit $328,100 last month, up 13.6 per cent from $288,800. January’s townhome average of $204,600 represented a nine-per-cent increase over $187,800, while the condo average of $122,000 was a slight improvement over $121,200 a year ago.

“Prices are continuing to increase throughout the valley,” said Reg Davies, president of the Fraser Valley Real Estate Board. “Despite that, the Fraser Valley still offers very attractive properties at a reasonable cost, and relative to other areas, you get a lot of value for what you pay here.

“Needless to say, we’re very optimistic about the upcoming market this year.”

© The Vancouver Sun 2004