Home listings rise to start the spring season
VANCOUVER, BC - A steady influx of new listings has helped create a
balanced ‘typical spring’ housing market in the Greater Vancouver
region.
The Real Estate Board of Greater Vancouver (REBGV) reports that new
listings for detached, attached and apartment properties in Greater
Vancouver totalled 7,004 in March 2010. This represents a 60 per cent
increase compared to March 2009 when 4,385 new units were listed, and a
52.1 per cent increase compared to February 2010 when 4,606 properties
were listed on the Multiple Listing Service® (MLS®).
At 13,538, the total number of property listings on the Multiple
Listing Service (MLS®) increased 19 per cent in March compared to last
month, but remains 7.6 per cent below this time last year.
“The total number of homes listed for sale on our MLS® is at its
highest level in 10 months, which translates into more options and
variety for those looking to buy during the traditionally busy spring
period,” Jake Moldowan, REBGV president said.
Residential property sales in Greater Vancouver reached 3,137 in
March 2010, a 38.5 per cent increase compared to March 2009, a 4.7 per
cent increase over March 2008, and a 12.4 per cent decrease compared to
March 2007. The current figure also represents a 26.8 per cent increase
compared to the 2,473 sales recorded in February 2010.
“With a sales-to-listing ratio of 23 per cent, we see a healthy
balance between buyer demand and seller supply in the marketplace,”
Moldowan said.
Over the last 12 months, the MLSLink® Housing Price Index (HPI)
benchmark price for all residential properties in Greater Vancouver
increased 20.3 per cent to $584,435 from $485,845 in March 2009. This
price is 2.8 per cent above the previous high point in the market in
May 2008 when the residential benchmark price sat at $568,411.
Sales of detached properties in March 2010 reached 1,336, an
increase of 49 per cent from the 897 detached sales recorded in March
2009 and a 19.7 per cent increase from the 1,116 units sold in March
2008. The benchmark price for detached properties increased 23.3 per
cent from March 2009 to $800,341, but declined 0.6 per cent compared to
last month when the benchmark price was $800,796.
Sales of apartment properties in March 2010 reached 1,252, an
increase of 28.3 per cent compared to the 976 sales in March 2009 and a
decline of 8.6 per cent compared to the 1,370 sales in March 2008.The
benchmark price of an apartment property increased 17.3 per cent from
March 2009 to $395,507 and is up 1.2 per cent compared to last month
when the benchmark price was $390,899.
Attached property sales in March 2010 totalled 549, an increase of
40.1 per cent compared to the 392 sales in March 2009 and a 7.4 per
cent increase from the 511 attached properties sold in March 2008. The
benchmark price of an attached unit increased 17.3 per cent between
March 2009 and 2010 to $493,263, but declined 0.5 per cent compared to
last month when the benchmark price was $495,496.
The Real Estate Board of Greater Vancouver is an association representing more than 9,600 REALTORS®.
The Real Estate Board provides a variety of membership services,
including the Multiple Listing Service®. For more information on real
estate, statistics, and buying or selling a home or contact a local
REALTOR®.
Release By:
Craig Munn, Assistant Manager, Communications
Real Estate Board of Greater Vancouver
E-mail:
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