Newsletter - April

No March Madness Repeat in 2012

Vancouver, BC April 13, 2012.

The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through Multiple Listing Service®(MLS®) in BC declined 26.5 per cent to $3.8 billion in March compared to the same month last year. A total of 6,882 MLS® residential unit sales were recorded over the same period, a decline of 20 percent. The average MLS® residential price was $545,959 in March, 8.1 percent lower than in March 2011.

"The spike in consumer demand recorded a year ago was not repeated last month,” said Cameron Muir, BCREA Chief Economis“A marked increase in high-end home sales a year ago pushed up unit sales and skewed average prices higher, so it's no surprise to see fewer home sales and lower average prices in March of this year."

Year-to-date, BC residential sales dollar volume declined 17 per cent to $9.2 billion, compared to the same period last year. Residential unit sales dipped 12.7 per cent to 16,724 units, while the average MLS® residential price edged back 5 per cent to $552,785 over the same period.

 

March 2012 Housing Market Update REBGV

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Sanjin Cvetkovic

Sanjin Cvetkovic

REALTORĀ®
CENTURY 21 In Town Realty
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