VANCOUVER, B.C. – April 6, 2010 – 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 percent increase compared to March 2009 when 4,385 new units were listed, and a 52.1 percent 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 percent in March compared to last month, but remains 7.6 percent 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 percent increase over March 2008, and a 12.4 percent decrease compared to March 2007. The current figure also represents a 26.8 percent increase compared to the 2,473 sales recorded in February 2010.
“With a sales-to-listing ratio of 23 percent, 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 percent to $584,435 from $485,845 in March 2009. This price is 2.8 percent 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 percent from the 897 detached sales recorded in March 2009 and a 19.7 percent increase from the 1,116 units sold in March 2008. The benchmark price for detached properties increased 23.3 percent from March 2009 to $800,341, but declined 0.6 percent 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 percent compared to the 1,370 sales in March 2008.The benchmark price of an apartment property increased 17.3 percent from March 2009 to $395,507 and is up 1.2 percent compared to last month when the benchmark price was $390,899.
Attached property sales in March 2010 totalled 549, an increase of 40.1 percent compared to the 392 sales in March 2009 and a 7.4 percent increase from the 511 attached properties sold in March 2008. The benchmark price of an attached unit increased 17.3 percent between March 2009 and 2010 to $493,263, but declined 0.5 percent compared to last month when the benchmark price was $495,496.