Home buyer and seller activity reached unprecedented levels across Metro Vancouver in March.
The Real Estate Board of Greater Vancouver saw residential homes sales total 5,708 for March 2021 which is a 126.1% increase from this time last year (2,524) and a 53.2% increase from February 2021 (3,727). Last month's sales were 72.2% above the 10-year March sales average.
Newly listed properties in March for Metro Vancouver reached 8,287 for all property types. This equates to a 86.8% increase from February 2021 (5,048) and a 86.8% increase compared to March 2020 (4,436).
Analysts generally agree that downward pressure on home prices occur when the sales-to-active ratio dips below 12% which is referred to as a Buyer’s Market, whereas home prices experience upward pressure when it goes beyond 20%, also referred to as a Seller’s Market. A Balanced Market is between the two. Metro Vancouver saw an increase in the combined sales-to-active ratio from last month keeping us in a Seller's Market.
Broken down by property type, the sales-to-active ratio for March is 52.9% for detached homes, 79.9% for townhouses, and 65.4% for condos. This means that townhouses are in a Seller's Market, condos are in a Seller's Market as well and the detached sector is still in a Seller's Market.
The Real Estate Board of Greater Vancouver reports that the composite benchmark price is currently above $1 million at $1,123,300. This represents a 3.6% increase over February 2021.
The total sales for March 2021 were 5,708. This works out to 1,965 detached homes with a benchmark price of $1,700,200, 1,046 townhouses with a benchmark price of $872,200 and 2,697 apartments with a benchmark price of $715,800.
Ready to jump into the market? Whether you’re looking to buy, sell, or learn more about what this means for you, reach out to us today!