New records set in Metro Vancouver home sales; new listings rise steeply

Residential sales soared across Metro Vancouver this past March, reaching the highest recorded level ever. Total sales in March were 5,708, a 53% increase over February, and 126% increase over the same period one year ago. While low interest rates have been driving high demand for months, the recent surge in sales was also fueled by a sharp increase in new listings in March. Many homeowners who have been sitting on the sidelines watching rising prices for some time jumped into the Spring sales activity to reap the benefits of the current sellers’ market. With purchase-offers now often exceeding the listing price, new listings in March rose steeply to 8,287 across all property types, a record number for the month of March – an increase of more than 64% over new listings in the preceding month, and 87% higher than one year ago. This brought the total available inventory at the end of March to 9,145, 9.4% more than the preceding February; however, this is a slim increase to meet the current high demand and almost 5% lower than one year ago. With such high demand and relatively low supply, upward pressure on prices is increasing, and March saw some of the biggest month-over-month benchmark price rises since the current sales boom began. The composite benchmark price for all residential properties in Metro Vancouver at the end of March was $1,123,300, a 3.6% increase from the preceding month and a 9.4% increase from one year ago.

While detached home benchmark prices saw the biggest overall jump last month, this property type was second in sales volume at 1,965 homes sold across Metro Vancouver. Yet, it was a significant sales volume increase of 131% over March 2020.  The largest proportion of residential sales was in condominiums, with a total of 2,697 units sold during March, a 129% increase over the same period one year ago. Townhouses followed third with 1,046 sales, an increase of 112% over the March one year ago. Benchmark prices at the end of March for each property type are listed below in my monthly comparison of price changes closest to the upper and lower sides of the benchmark average in different geographical areas in Metro Vancouver. I encourage prospective home buyers to look at these benchmark comparisons to gain an insight into what property type and area may best fit your budget, while at the same time keeping in mind there may be considerable differences in specific listings making up the benchmark average. I am happy to provide you with a more detailed market analysis for the area of your choice. I keep a close eye on market listings and can advise you on particular property prices in different areas. There are often significant differences in the extremities of benchmark averages. For example, the March benchmark price increases for a townhouse in Burnaby North and in Port Coquitlam were 1.1% and 8.0% respectively, yet both benchmarks are within $25,000 of each other, and both are beyond the cluster closest to overall benchmark shown below.

Detached homes

The benchmark price for a single-family detached home in Metro Vancouver at the end of March $1,700,200, an increase of 4.9% from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3,268,200 and Sunshine Coast at $765,000. The three municipalities closest to the benchmark on the higher side of the average were: Port Moody at $1,739,300, an increase of 5.0% from the preceding month; Richmond at $1,747,800, an increase of 5.8% from the preceding month; and North Vancouver at $1,853,100, an increase of 3.9% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South $1,696,200, an increase of 4.1% from the preceding month; Vancouver East at $1,644,800, an increase of 5.0% from the preceding month; and Burnaby North at $1,632,500, an increase of 3.8% from the preceding month. 

Townhouses

 

The benchmark price for a townhouse in Metro Vancouver at the end of March was $872,200, an increase of 3.9% from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,188,300 and Maple Ridge at $634,400.  The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $980,100, an increase of 7.7% from the preceding month; North Vancouver at $1,053,300, an increase of 1.5% from the preceding month; and Vancouver West at $1,188,300, an increase of 1.8% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $864,800, an increase of 1.8% from the preceding month; Burnaby South at $819,800, an increase of 1.7% from the preceding month; and New Westminster at $801,800, an increase of 2.8% from the preceding month.

Condominiums

 

The benchmark price for a condominium in Metro Vancouver at the end of March was $715,800, an increase of 2.6% the from the preceding month. The extremities of this average were West Vancouver at $1,143,300 and Maple Ridge at $403,900. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $747,100, an increase of 1.1% from the preceding month; Vancouver West at $816,700, an increase of 2.8% from the preceding month; and West Vancouver at $1,143,300, an increase of 2.6% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $697,800, an increase of 3.9% from the preceding month; Richmond at $695,800, an increase of 1.8% from the preceding month; and Burnaby South at $682,700, an increase of 2.7% from the preceding month. 

 

I can help

 

I am active in many areas of real estate so please don’t hesitate to ask me if there are other ways in which I can help you.  My experience in banking and finance will assist you in your mortgage planning. Or, you if are thinking about listing your home for sale, I can advise you on price trends in your specific area, as well as how to set an optimal price range for your particular property. Please feel free to call me for whatever your real estate needs may be.