The Real Estate Board of Greater Vancouver (REBGV) released its numbers for March, announcing “Increased selection helps maintain balance in Greater Vancouver housing market.”
Balance is a healthy state for the Metro Vancouver market, but with home sales in March trending below the 10-year average and listing activity ahead of the monthly norms, there are bound to be some motivated sellers out there!
The REBGV reported that residential property sales in Metro Vancouver reached 2,874 on the Multiple Listing Service® (MLS®) in March 2012. This was a 12.9% rise compared to the 2,545 sales recorded the month before and a decline of 29.6% compared to the 4,080 sales the year before. Much like February, March sales in Metro Vancouver were the second lowest total for the month in the region since 2002, and were 16.8% lower than the 10-year sales average for the month.
Eugen Klein, the REBGV’s president stated, “Home sellers have been more active than buyers the first few months of the year, but we continue to see a relative balance in the total supply of homes for sale and current demand in the marketplace… The total number of properties for sale in Greater Vancouver has increased each month since December, which means there’s more selection to choose from as we enter what’s traditionally the busiest season of the year in our market.” Buyers take note: there is good selection, good interest rates and good deals out there, if you are looking.
New listings across all sectors of the residential market in Metro Vancouver totalled 5,843 units in March. This was 5.2% higher than February when 5,552 homes were listed and 14% less than the same time one year before when 6,797 homes were listed for sale on the region’s MLS®.
At 15,236, the total number of residential property listings on the MLS® jumped 8.4% in March compared to February; a 16% increase over the same time the year before.
Sales of detached properties in February, 2012 for Metro Vancouver:
– 1,183 units – ↓34.1% compared to 1,795 sales in March, 2011.
The benchmark price ↑ 9.2% from the year before to $1,056,400.
Sales of apartment/condo properties in February, 2012 for Metro Vancouver:
-1,191 units – ↓ 26.6% compared to 1,622 sales in March, 2011.
The benchmark price of an apartment property ↑ 2.2% from the year before to $375,100.
Sales of attached property/town homes in February, 2012 for Metro Vancouver:
-500 units – ↓ 24.6% compared to 59 sales in March, 2011.
The benchmark price of an attached property ↑ 0.9% from the year before to $480,900.