VANCOUVER WEST MARCH HOUSE MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release reports a pullback in the number of sales last month compared to March last year. However March 2021 is on record as the highest selling month in the history of Metro Vancouver and thus not easily surmountable. Sales this March are still 25.5 percent above the 10-year average for the month. Meantime our inventory of new listings last month is 19.5 percent lower than March a year ago and total inventory of listed properties falls 16.6 percent year to year. Annual sales may be down but there is no such decline in values as the chronic undersupply maintains ascending prices. Last month the composite value of all properties is 20.7 percent higher than the previous March.
The graph shows a modest dip of 0.8 percent from February to March in the average price for detached properties. The benchmark price for detached homes in March 2022 is 23.4 percent higher than last March. Year to year the volume of house sales is down by 34.3 percent.
Last month versus March 2021, Vancouver west detached prices increase 8.7 percent. Year to year west side house sales are down 15 percent. March 2022 inventory is 24.3 percent lower than that of the previous March.
From February to March west side house sales rise 23 percent. Month to month detached inventory is up by 26.2 percent.