VANCOUVER WEST MARCH HOUSE MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release declares last month’s activity as unprecedented for volume of sales. At 72.2 percent above the 10 year average for March, it’s the highest ever sales total for any month. This March compared to March 2020, residential detached, attached and apartment sales increase 126.1 percent. New listings are up 86.8 percent year to year yet the total inventory of listed properties is down 4.8 percent March to March. As the economy recovers, Buyers seeking more space are encouraged by low interest rates and growing savings. Increased inventory is quickly absorbed by demand before supply can accumulate, which adds more upward pressure on prices. Last month the annual composite value of all properties is up 9.4 percent.
The graph shows an increase of 5 percent from February to March in the average price for Metro Vancouver detached properties. The benchmark price for detached homes last month is 17.9 percent higher than March 2020. The volume of house sales is up 130.6 percent year to year.
Last month versus the previous March, Vancouver west detached prices rise 10.4 percent. Year to year west side house sales are 37.7 percent higher. March 2021 Inventory is up 139.7 percent versus March 2020.
From February to March west side house sales rise 67.8 percent. Month to month detached inventory is 147.9 percent higher.