March Sales Set Stage For Busy Spring Market

Unit Sales Off, Lower Inventory and Rising Prices Characterize Current Market

The Real Estate Board of Greater Vancouver (REBGV) reports overall residential sales of Detached, Attached and Apartment properties reached 3,582 units in March 2007, a decrease of 11.2% compared to prior year and a decrease of 9.0% from March 2005.

New Listings for all residential property types decreased by 5.4% to 5,456 units vs. the 5,767 units listed in March 2006.  Total number of Active listings increased by 19.5% to 10,356 compared to prior year period.

“Last month we saw relatively fast turnaround on the majority of properties listed on the MLS system.  The average days on market dropped to 43 days in March 2007, compared to 49 days in February 2007.  Consumer demand for property in the Greater Vancouver area is still very, very high and the market is heating up as a result,” says REBGV President Brian Naphtali.

“With year-over-year double digit price increases pushing the average price for a single-family home to near record levels, sellers are continuing to get excellent value for their homes throughout Greater Vancouver.  Despite these price increases, buyers are still not shying away from this market either,” says Naphtali.  “New listings are still very tight, but the increase in total listing inventory is opening new opportunity for people to make that long awaited move to their new home.”

According to MLS data, sales of apartment properties decreased by 13.9% to 1,532 units in March 2007 vs. prior year.  Benchmark price for an apartment in Greater Vancouver is now $349,373 up 14.5% from March 2006.

Sales of attached properties decreased by 10.8% to 651 units vs. March 2006 with the benchmark price of an attached unit now $428,299, up 13.9% from last year month.

Sales of detached properties decreased by 8.2% in March 2007 at 1,399 units vs. March 2006 at 1,524 units.  Benchmark price for a detached home is now $682,173 up 11.8% from last year.

On the Northshore, unit sales were very strong, running on par or slightly ahead of March 2006.  Also of note we are experiencing a high number of “competing offers” for the same property, suggesting that current low inventory levels are creating ‘hyper-interest” in quality, well-priced properties.

West Vancouver / Howe Sound Market

Detached home sales of 72 units in March 2007 were off marginally vs. March 2006 sales of 79 units.  YTD sales of 161 units are off 14.8% vs. same period last year, but this gap is closing.  YTD prices are off 1.2% at $1,245,000.

Attached home sales of 8 units in March 2007 are off 4 units from March 2006.  YTD sales of 13 units are off 35% (7 units) from same period last year.

Apartment home sales of 18 units in March 2007 compare favourably with the 20 units sold in March 2006, with YTD prices up dramatically at a median of $690,000 vs. $530,000 for the same period last year, an increase of 30.2%

North Vancouver Market

Detached home sales for March 2007 were 120 units, a decrease of 4 units from March 2006 with median price up 6.4% over prior year month.  YTD unit sales are off 1.5% at 267 units sold and prices up 7.4% at $762,500.

Attached home sales of 42 units for March 2007 were on par with March 2006 volume and median price up 15.7% at $552,500.  YTD sales of 103 units are on par with the same period last year, whilst prices are up significantly at 15.1%.

Apartment home sales of 113 units for March 2007 are slightly ahead of March 2006 with a median price of $332,000 11.0% higher vs. March 2006.  YTD unit sales of 260 units are up 12.6% over same period last year with median price up 12.8% at $328,950.

If you or someone you know is thinking of selling please give us a call.  We would be glad to discuss your personal real estate needs.

Anita Schmitt, Realtor – Royal LePage Northshore  604.787.1456

Tom Davis, Realtor – Royal LePage Northshore 604.315.0172

This communication is not intended to cause or induce breach of an existing agency agreement.

Source of data – MLS Stats April 3, 2007