Demand for homes continues to outpace supply in Metro Vancouver
A shortage of residential property listings coupled with strong demand, particularly for condos and townhomes, continued to impact Metro Vancouver’s housing market in March.
3,579 sales in Metro Vancouver in March 2017.
a decrease of 30.8% compared to the record-breaking March of 2016 (5,173).
an increase of 47.6% compared to February 2017 (2,425).
Last month’s sales were 7.9% above the 10-year March average.
4,762 new listings in Metro Vancouver in March 2017.
a decrease of 24.1% compared to March 2016 (6,278).
an increase of 29.9% compared to February 2017 (3,666).
This is the lowest number of new listings in March since 2009.
the number of properties currently listed on the MLS® system is 7,586.
an increase of 3.1% increase compared to March 2016 (7,358).
a decrease of 0.1% compared to February 2017 (7,594).
SALES-TO-ACTIVE LISTINGS RATIO:
the ratio for March 2017 is 47.2%:
a 15% increase over last month.
Metro Vancouver is currently experiencing a Seller’s market.
MLS® HOME PRICE INDEX:
the composite benchmark price for all residential properties is currently $919,300.
a decrease of 0.8% decrease over the past six months.
a 1.4 per cent increase compared to February 2017.
sales in March 2017 reached 1,150.
a decrease of 46.1% compared to March 2016 (2,135).
The benchmark price is $1,489,400.
a 5.0 % decrease over the past 6 months.
a 1% increase compared to February 2017.
sales reached 1,841 in March 2017
a decrease of 18.3% compared to in March 2016 (2,252)
The benchmark price is $537,400.
a 5.2 per cent increase over the past 6 months.
a 2.1 per cent increase compared to February 2017.
sales in March 2017 totalled 588.
a decrease of 25.2% compared to March 2016 (786).
The benchmark price is $685,100.
a 1.3% increase over the past 6 months.
a 1.4% increase compared to February 2017.
Demand in March was below the record high of 2016; we saw demand increase month-to-month for condos and townhomes. Sellers still seem reluctant to put their homes on the market, making for stiff competition among home buyers.