March 2019 was filled with spring flowers, cherry blossoms and the warmest spring day on record! In real estate news for the month, Real Estate Board of Greater Vancouver reported residential home sales in the region totaled 1,727 in March 2019, a 31.4 percent decrease from the 2,517 sales recorded in March 2018, and a 16.4 percent increase from the 1,484 homes sold in February 2019. Last month’s sales were 46.3 percent below the 10-year March sales average and were the lowest total for the month since 1986.
Throughout Metro Vancouver, there were 4,949 detached, attached and apartment properties newly listed for sale on MLS in March 2019. This represents an 11.2 percent increase compared to the 4,450 homes listed in March 2018 and a 27.2 percent increase compared to February 2019 when 3,892 homes were listed. The total number of homes currently listed for sale 12,774, a 52.4 percent increase compared to March 2018 (8,380) and a 10.2 percent increase compared to February 2019 (11,590).
For all property types, the sales-to-active-listings ratio for March 2019 is 13.5 percent. By property type, the ratio is 9.4 percent for detached homes, 15.9 percent for townhomes, and 17.2 percent for apartments. Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 percent for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months.
The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,011,200. This represents a 7.7 percent decrease from March 2018, and a 0.5 percent decrease compared to February 2019. Sales of detached homes in March 2019 reached 529, a 26.7 percent decrease from the 722 sales in March 2018. The benchmark price for a detached home is $1,437,100. This represents a 10.5 percent decrease from March 2018, and a 0.4 percent decrease compared to February 2019.
Sales of apartment homes reached 873 in March 2019, a 35.3 percent decrease compared to the 1,349 sales in March 2018. The benchmark price of an apartment property is $656,900. This represents a 5.9 percent decrease from March 2018, and a 0.5 percent decrease compared to February 2019. Attached home sales in March 2019 totaled 325, a 27.1 percent decrease compared to the 446 sales in March 2018. The benchmark price of an attached home is $783,600. This represents a six percent decrease from March 2018, and a 0.7 percent decrease compared to February 2019.