March Stats - Fewer Home Sales and Listings in the 1st Quarter of 2018

Posted on Apr 01, 2018 in Market Update

Home buyers and sellers were less active in Metro Vancouver throughout the first quarter of 2018. “We saw less demand from buyers and fewer homes listed for sale in our region in the first quarter of the year,” Phil Moore, REBGV president said. “High prices, new tax announcements, rising interest rates, and stricter mortgage requirements are among the factors affecting home buyer and seller activity today. Even with lower demand, upward pressure on prices will continue as long as the supply of homes for sale remains low,” Moore said. “Last month was the quietest March for new home listings since 2009 and the total inventory, particularly in the condo and townhome segments, of homes for sale remains well below historical norms.”

Statistics:

- The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,084,000.

· 16.1% increase compared to March 2017

· 1.1% increase compared to February 2018

- 6,542 home sales in Metro Vancouver during the first quarter of 2018

· 13.1 % decline compared to the same period last year

· This represents region’s lowest first-quarter sales total since 2013

- 2,517 home sales in March

· 29.7% decline compared to March 2017

· 14% increase compared to February 2018

· 23% lower than the 10-year March Sales average

- 4,450 detached, attached and apartment properties newly listed for sale in Metro Vancouver in March 2018

· 6.6% decrease compared to March 2017

· 5.4% increase compared to February 2018

- 8,380 properties currently listed for sale on the MLS® system in Metro Vancouver

· 10.5% increase compared to March 2017

· 7.1% increase compared to February 2018

- 12,469 homes listed for sale in Metro Vancouver during the first quarter of 2018

· 0.8% decrease over the same period last year. This represents the region’s lowest first-quarter new listings total since 2013.

Sales-to-Active Listings Ratio:

- 30% for all property types

· 19% below last March compared to March 2017

- 14.2% for Single Family Homes (Approaching Buyer’s Market)

- 39.9% for Townhomes (Seller’s Market)

- 61.6% for Condos (Seller’s Market)

PRICE:

- 7.4% Increase compared to March 2017 for Single Family Homes

- 26.2% Increase compared to March 2017 for Townhomes

- 17.7% Increase compared to March 2017 for Condos

SALE:

- 37% Decrease compared to March 2017 for Single Family Homes

- 26.7% Decrease compared to March 2017 for Townhomes

- 24.1% Decrease compared to March 2017 for Condos