March market update!
As spring rolls in with its blue skies and lush greens, flowers aren’t the only things blooming in the city! Metro Vancouver’s housing market saw a continuing rise in demand through March.
The Real Estate Board of Greater Vancouver (REBGV) reported that residential property sales in Greater Vancouver reached 4,060 on the Multiple Listing Service® (MLS®) last month. This represents a 53.7 per cent increase compared to March 2014, and a 32.6 per cent increase compared to February 2015. The rise is an encouraging 26.8 per cent above the 10-year sales average for the month.
With bidding wars on houses becoming commonplace, the increase in demand becomes evident. “We’re seeing strong competition amongst home buyers today. This is leading to more multiple offer situations and some upward pressure on home prices,” Darcy McLeod, REBGV president said. “For sellers, this means that it’s taking less time, on average, for your home to sell if you have it priced correctly for today’s market.”
There was a total of 5,968 new listings for detached, attached, and apartment properties in March. This represents a 13 per cent increase compared to March 2014, and is 4.7 per cent higher than the region’s 10-year new listing average for the month.
Owing to comparatively faster sales, the total number of properties currently listed for sale on the REBGV MLS® is 12,376, which is a 14.5 per cent decline compared to March 2014. This number is lower than what is expected around this time of the year. “If you’ve been considering putting your property on the market, these market conditions indicate that now may be a good time to list,” McLeod said.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $660,700, representing a 7.2 per cent increase compared to March 2014. The sales-to-active-listings ratio in March was 32.8 per cent. This is the highest that this ratio has been in Metro Vancouver since July 2007.
Last month, the sales of detached properties saw an increase of 53.3 per cent from the 1,116 detached sales recorded in March 2014, and an 83.4 per cent increase from the 933 units sold in March 2013. The benchmark price for a detached property increased 11.2 per cent from March 2014 to $1,052,800.
In comparison to March 2014, the sales of apartment properties increased by 47.1 per cent, and attached property sales went up a whopping 72.3 per cent.