Real Estate Trends - March 2015 Update

(July 28, 2015 , posted in Real Estate Trends)

The demand on the Real Estate Market continued to grow last month. March 2015 sales were above the 10 year sales average for the month by 26.8%.

4,060 residential properties were sold in Greater Vancouver in March 2015 with the average sale price at $877,712. That is a 32.6% increase in sales when compared to the previous month’s sales of 3,061 properties and a 53.7% increase when compared to March 2014’s sales of 2,641.

In March, there were 5,968 new listings in Greater Vancouver, bringing the total of properties listed on the REBGV MLS® to 12,376. This is a decline of 14.5% from March 2014 and an increase of 4% compared to February 2015.

The MLS® Home Price Index composite benchmark for residential properties in Greater Vancouver is currently $660,700. This shows a 7.2% increase when compared to the same time last year. Detached homes rose 11.2% to $1,052,800, attached properties rose just under 5% to $484,900 and condos rose a little over 3% to $390,200.

There were 12,376 properties listed last month, which is a 14.5% decline compared to March 2014 and a 4% increase compared to the previous month.

There were 2,487 detached properties listed for sale and 1,721 sold in March 2015. The average sale price per unit was $1,406,426. Compared to the 1,117 detached homes that were sold during the same time last year this is a 16% increase in average sale price.

There were 951 attached properties listed for sale and 722 sold in March 2015. The average sale price per unit was $635,035. Compared to the 419 attached properties sold during the same time last year this is a 6% increase in average sale price.

There were 2,545 apartments listed for sale and 1,627 sold in March 2015. The average sale price per unit was $465,225. Compared to the 1,106 apartments sold during the same time last year this is a 1% decline in average sale price.

The market continues with upward pressure on home prices as the sales to active listing ration is the highest it has been since June 2007 at 32.8%. We have observed steady growth in the first quarter of 2015.