Greater Vancouver's real estate landscape saw a dip in home sales for the month of March, marking a notable contrast from the previous year's figures. According to the latest report from Greater Vancouver Realtors, there were 2,415 homes sold in the region last month, showcasing a 4.7 per cent decline compared to March 2023.
This downturn in sales comes as the total number of homes listed for sale across Metro Vancouver experienced a significant uptick, rising by 22.5 per cent year-over-year to reach 10,552 properties. Notably, this figure also surpasses the 10-year seasonal average by 6.3 per cent, indicating a notable shift in market dynamics.
In March alone, there were 5,002 newly listed detached, attached, and apartment properties, representing a substantial 15.9 per cent increase compared to the same period last year when 4,317 properties entered the market.
Despite the decrease in sales activity, the composite benchmark home price continued its upward trajectory, settling at $1,196,800 for the month of March. This marks a 4.5 per cent increase from the previous year and a 1.1 per cent uptick from February's figures.
Andrew Lis, the director of economics and data analytics at the real estate board, offered insights into the current market conditions, noting that while the market may not be as fervent as it was during the previous spring, there remains a notable tilt towards sellers' market conditions. Lis emphasized that this shift is particularly evident for buyers, underscoring the ongoing dynamics in the region's real estate sector.
Overall, the latest data paints a nuanced picture of Greater Vancouver's real estate landscape, characterized by a decrease in home sales, an increase in available inventory, and steady price growth. These trends suggest a market that continues to evolve, presenting both challenges and opportunities for buyers and sellers alike.
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