March Market Review

Home Sale And Listing Activity Continue To Chart Steady Path

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,641 on the MLS® in March 2014. This represents a 12.5% increase compared to the 2,347 sales recorded in March 2013, and a 4.4% increase compared to the 2,530 sales in February 2014.

Last month’s sales were 17.2% below the 10-year sales average for March of 3,190. The sales-to-active-listings ratio currently sits at 18.2% in Greater Vancouver, which is unchanged from last month. “We continue to see steady and stable market conditions across the Greater Vancouver housing market,” said REBGV president. “There has been a consistent balance between home seller supply and home buyer demand in our marketplace over the last year.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,281 in March. This represents a 9.1% increase compared to the 4,839 new listings in March 2013 and a 12.4% increase from the 4,700 new listings in February. Last month’s new listing count was 5.9% below the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the Greater Vancouver MLS® is 14,472, a 6.4% decline compared to March 2013 and a 7.9% increase compared to February 2014. 

Sales of detached properties in March 2014 reached 1,116, an increase of 19.6% from the 933 detached sales recorded in March 2013, and a 5.7% decrease from the 1,183 units sold in March 2012.

Sales of apartment properties reached 1,106 in March 2014, an increase of 12.6% compared to the 982 sales in March 2013, and a 7.1% decline compared to the 1,191 sales in March 2012.

Attached property sales in March 2014 totalled 419, a 3% decline compared to the 432 sales in March 2013, and a 16.2% decline from the 500 attached properties sold in March 2012.