Hello again to all readers, today we take a look at the Market Highlights March 2021 which has just been released by the Real Estate Board of Greater Vancouver.
We have officially hit levels unprecedented of buyer and seller activity across Metro Vancouver.
The Real Estate Board of Greater Vancouver (REBGV) announced like what we were expecting: home sales in Metro Van hit 5,708 for the month which constituted a 126% increase from 2,524 transactions recorded in March of the following year. March 2021 sales were 72% higher than 10-year March sales average and is the highest monthly sales total ever recorded.
The numbers really speak in rural and suburban areas. Delta experienced a 196% lift in sales over 2020 which constituted the largest increase for the entire region of Vancouver. Closely followed by Whistler which itself saw a 194% rise, with Squamish coming in near third at 188% increase in sales.
There were 8,287 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in March 2021. This represents an 86.8 per cent increase compared to the 4,436 homes listed in March 2020 and a 64.2 per cent increase compared to February 2021 when 5,048 homes were listed.
Homes currently listed for sale in Metro Vancouver is just over 9100 which makes for a roughly 5% decrease compared to same time last year. This is 18.6 per cent below the 10-year March total listings average.
This is interesting as the demand for product is so high that it is actually not allowing for a normal increase of supply to grow and instead we are seeing this inventory number actually decline.
The continued low historical interest rates, high demand for more space and increased savings are all contributing to this unprecedented real estate market. We feel that the economy is showing signs of recovery, and the average person in the market for a new home is willing to go out and take advantage of this current situation.
Detached home sales hit a 130% increase from in comparison to the year before. The benchmark price for a detached home is $1,700,200 which makes for a near 18% lift from the year prior.
Condominiums achieved a 128% rise in comparison to the year before. Aggregate pricing of condominiums hit $715,800 which makes for a near 18% lift from the year prior.
See linked the March 2021 report here: http://members.rebgv.org/news/REBGV-Stats-Pkg-March-2021.pdf
We will continue to keep our clients apprised of any changes to market trends and data as more information becomes available! Stay posted for more real estate news which can always be found in our blog page at www.filerhttps://www.filerwelch.com/blog/
As always, give us a shout if you have any questions and thanks for reading Market Highlights March 2021.
Take a look also on our MLS search linked here FilerWelch.com / MLS Search to see real time market listings!
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Market Highlights March 2021.
Brought to you by your friendly REALTORS® through the MLS® System, courtesy of Baxter Welch for your convenience.
