The Real Estate Board of Greater Vancouver reports that residential property sales in Greater Vancouver reached 2,874 on the Multiple Listing Service® in March 2012. This represents a 12.9 per cent increase compared to the 2,545 sales recorded in February 2012, a decline of 29.6 per cent compared to the 4,080 sales in March 2011 and an 8.4 per cent decline compared to the 3,137 home sales in March 2010.
March sales in Greater Vancouver were the second lowest total for the month in the region since 2002 and were 16.8 per cent below the 10-year sales average for the month.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,843 in March 2012. This represents a 5.2 per cent increase compared to February when 5,552 homes were listed and a 14 per cent decline compared to March 2011 when 6,797 homes were listed for sale on the region’s MLS®.
Last month’s new listing total was 4.5 per cent above the 10-year average for listings in Greater Vancouver for March.
At 15,236, the total number of residential property listings on the MLS® increased 8.4 per cent in March compared to last month and increased 16 per cent from this time last year.
Expect more buyers to enter the market over the next few months, especially first time home buyers. The mortgage rate will drive buyers to the market as long as rates hold.
Seller be prepared to start competing with other home sellers for buyers. Homes receiving the most attention and receiving offers are sharply priced and properly advertised.
For more information and assistance in your specific area call The Aziz Group today.