Homes sold quicker and at higher prices in March

By
Real Estate Agent with Team HomeHuntersBC
https://activerain.com/droplet/4BFS

The March Stats for the REBGV are out and according to the president now may be a good time to list your home.

See the Stats below or download the complete package here!

Metro Vancouver home buyers out in force in March

Demand continued to rise across Metro Vancouver's housing market in March.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 4,060 on the Multiple Listing Service® (MLS®) in March 2015. This represents a 53.7 per cent increase compared to the 2,641 sales recorded in March 2014, and a 32.6 per cent increase compared to the 3,061 sales in February 2015.

Last month’s sales were 26.8 per cent above the 10-year sales average for the month.

"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."
   
New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,968 in March. This represents a 13 per cent increase compared to the 5,281 new listings reported in March 2014.
   
Last month’s new listing count was 4.7 per cent higher than the region’s 10-year new listing average for the month.
   
The total number of properties currently listed for sale on the REBGV MLS® is 12,376, a 14.5 per cent decline compared to March 2014 and a 4 per cent increase compared to February 2015.

“The number of homes for sale today is below what’s typical for this time of year,” McLeod said. “If you’ve been considering putting your property on the market, these market conditions indicate that now may be a good time to list.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $660,700. This represents 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.

Sales of detached properties in March 2015 reached 1,711, 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 in Metro Vancouver increased 11.2 per cent from March 2014 to $1,052,800.

Sales of apartment properties reached 1,627 in March 2015, an increase of 47.1 per cent compared to the 1,106 sales in March 2014, and an increase of 65.7 per cent compared to the 982 sales in March 2013. The benchmark price of an apartment property increased 3.3 per cent from March 2014 to $390,200.

Attached property sales in March 2015 totalled 722, an increase of 72.3 per cent compared to the 419 sales in March 2014, and a 67.1 per cent increase from the 432 attached properties sold in March 2013. The benchmark price of an attached unit increased 4.9 per cent between March 2014 and 2015 to $484,900.

*Editor’s Note:  Areas covered by 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, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.

Posted by

"Doc"

P.A. "Doc" Livingston SRES®

Buying or Selling Real Estate in The Greater Vancouver area?

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Rainer
389,343
Anna Hatridge
Goodson Realty - Farmington, MO
Missouri Realtor with Goodson Realty

How wonderful for sellers that your market is so strong.  Now is a good time to list and sell with "Doc" Livingston!  Nice report.

Apr 03, 2015 01:02 PM #1
Rainmaker
1,317,601
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

Looks like you have a healthy, robust spring market.

Apr 03, 2015 01:37 PM #2
Ambassador
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

"Doc" Livingston - now that's a great news for your market. (We had almost empty registries of deed in March - thanks to severe February.)

Apr 03, 2015 02:06 PM #3
Ambassador
1,119,351
Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239
Real Estate One - Commerce, MI
Michigan homes for sale ~ yesmyrealtor@gmail.com

I am glad Metro Vancouver home buyers were out in force in March

Apr 03, 2015 07:17 PM #4
Rainer
536,984
Sham Reddy CRS
H E R Realty, Dayton, OH - Dayton, OH
CRS

Yes, the real estate business turned the corner in most places in North America where inventories are getting lower and prices are inching up

Apr 03, 2015 09:03 PM #5
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Rainmaker
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"Doc" Livingston

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