The Real Estate Board of Greater Vancouver says home sales picked up between February and March but are still down from a year ago.
The B.C. board says last month’s sales totalled 4,344, a 27% increase from 3,424 homes sold in February 2022 and a 24% decrease from the 5,708 sales recorded in March 2021.
The board attributed some of the decreases to March 2021 being the highest selling month in its history but noted that last month’s sales were still 25.5% above the 10-year March sales average.
Board chair Daniel John says the numbers indicate the market is experiencing a much calmer pace than it saw last year, but activity and prices remain elevated.
“The number of homes listed for sale on our MLS system today is less than half of what’s needed to shift the market into balanced territory. We’re still seeing upward pressure on prices across all housing categories in the region. Lack of supply is driving this pressure,” John said, in a statement.
Focusing on the Downtown Vancouver condo market in March 2022, inventory remains consistently stable for the spring market and there is very strong activity in almost all price brackets under $1,750,000 but is certainly not as hot as the housing market.
The under $900,000 market is selling at 68%, 165 out of 242 homes are selling, down 6% from last month.
The $900,000 to $1,000,000 market is selling at 63%, 35 out of 56 homes are selling, same as last month.
The $1,000,000 to $1,250,000 market is selling at 59%, 39 out of 66 homes are selling, up 10% from last month.
The $1,250,000 to $2,000,000 market is selling at 26%, 49 out of 189 homes are selling, down 1% from last month.
The $2,000,000 to $2,500,000 market is selling at 29%, 12 out of 42 homes are selling, up 11% from last month.
The $2,500,000 to $3,000,000 market is selling at 7%, 3 out of 41 homes are selling, down 9% from last month.
The $3,000,000 to $5,000,000 market is selling at 10%, 7 out of 72 homes are selling, down 5% from last month.
The $5,000,000 plus market is selling at 16%, 7 out of 43 homes are selling, up 9% from last month.
Total unit sales in Downtown Vancouver were up 11% from last month and up 13% from March 2021.
Those who are priced correctly for this market are selling on average at an extremely fast rate of 8 days, down from 10 last month.
The median price decreased 1% from last month, and the median price increased 16% from March 2021.
The average price per square foot slightly decreased from $1,089 in February to $1,088 in March.
Our Downtown Vancouver inventory has increased 10% from last month as there are presently 751 active listings which is also up 5% from March 2021.
As always, the sellers’ best bets still remain 1 bedroom condos in particular in Downtown. And the buyers’ best bets are units priced $1.75 and $2 million in Coal Harbour.
I hope you find this helpful, but should you have any questions please don’t hesitate to ask.
Sincerely,
Ian