March was a big month for the Real Estate Board of Greater Vancouver, and the market at large: the REBGV instated its president for 2017/2018, Jill Oudil. Jill has served on the REBGV’s Board of Directors for the five years and works at Coldwell Banker Westburn Realty in Burnaby. The month also had the lowest number of new listings in nearly 10 years; since 2009. However, March’s sales were 7.9% above the 10-year sales average for the month.
“While demand in March was below the record high of last year, we saw demand increase month-to-month for condos and townhomes,” Oudil stated. “Sellers still seem reluctant to put their homes on the market, making for stiff competition among home buyers.”
Check out how the shortage of residential property listings coupled with condo and townhome demand impacted the numbers below:
New Listings (detached, attached, and apartment): 4,762
24.1% decrease from March 2016
29.9% increase from February 2017
Total Active listings on MLS®: 7,586
3.1% increase from March 2016
0.1% decrease from February 2017
Total Residential Property Sales: 3,579
30.8% decrease from March 2016
47.6% increase from February 2017
Sales-to-Active Listings Ratio: 47.2%
Benchmark price for all residential properties: $919,300
1.4% increase from February 2017
Benchmark price for a detached property is $1,489,400
5.0% decline over the past 6 months
1% increase from February 2017
Detached property sales totaled 1,150
46.1% decrease from March 2016
Benchmark price for an apartment property is $537,400
5.2% increase over the past 6 month
2.1% increase from February 2017
Apartment property sales totaled 1,841
18.3% decrease from March 2016
Benchmark price for an attached unit is $685,100
1.3% increase over the past 6 months
1.4% increase from February 2017
Attached property sales totaled 588
25.2% decrease from March 2016
If you’re interested in seeing the complete breakdown, visit rebgv.org for all of the detailed comparisons. Want some advice on how your home fits in? Call us for a consultation today!
*REBGV Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.
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