VANCOUVER — Home sales in the Vancouver region picked up in March compared with a year ago, but were still well below the long-term average for the month, according to the city’s real estate board.
The Real Estate Board of Greater Vancouver said Wednesday there were 2,641 homes sold through its Multiple Listing Service, up from 2,347 a year ago.
However, the tally fell short of the 10-year sales average of 3,190 for March.
The sales-to-active-listings ratio was 18.2%, unchanged from February, a level that the board suggests a balanced market.
“We continue to see steady and stable market conditions across the Greater Vancouver housing market,” said board president Ray Harris in statement.
“There has been a consistent balance between home seller supply and home buyer demand in our marketplace over the last year.”
New listings totalled 5,281 in March compared with 4,839 new listings in March 2013 and 4,700 new listings in February.
The total number of homes listed for sale on the Vancouver MLS system was 14,472, down 6.4% compared with a year ago, but up 7.9% from February.
The MLS home price index composite benchmark price Vancouver was $615,200, up 3.7% from a year ago.
The Canadian Press
Article originally appeared on The Financial Post