VANCOUVER WEST MARCH HOUSE MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release outlines some surprises in March. Despite elevated borrowing costs and low inventory, spring sale so far exceed expectations. An offshoot of that is modest price increases. Many Sellers remain on the sideline which is evident by newly listed properties last month being 35.5 percent below March of 2022. Total inventory of listed properties is up 8.1 percent year to year. Sales of all residential properties in Metro Vancouver last month decline 42.5 percent compared to March 2022. The composite value of all properties is 9.5 percent lower March to March.
From February to March escalation on the graph continues, up a further 5.3 percent in the average price for detached properties. The benchmark price for houses in March 2023 is 1.2 percent below the previous March. Year to year the volume of detached home sales is down by 43.6 percent.
Last month versus March 2022, Vancouver west detached prices are down 9.0 percent. West side house sales decline 24.2 percent year to year. March 2023 inventory is 35.4 percent below the previous March.
From February to March west side house sales stay buoyant, up 42.4 percent. Month to month detached inventory is up 19.6 percent.