How beautiful is this sunshine right now? The cherry blossoms in full bloom sure make it a joy to be in living and walking the streets of Vancouver. That's my excuse for getting these stats out so late to you all this month :)
Despite the same story of lower-than-average sales volume in March 2013, both Vancouver's east and west sides continue the trend out of a buyer's market towards more balanced and even seller's market territory. The strongest market segment was the townhouse market on the westside with a 4.6 months supply of inventory. Eastside condos and townhouses were not far behind with 5.0 and 5.3 months supply respectively. The continued decline of new listings onto the market is the biggest contributing factor to this trend.
Additionally, while sales volume is down 18.3% for March 2013, compared to March 2012, we are up 30.6% compared to February 2013. We are seeing a brisk and healthy spring market.
“While home sales were below what’s typical for March, we are seeing more balance between the number of sales and listings on the market in the last two months, which is having a stabilizing impact on home prices,” Sandra Wyant, REBGV president said.
As we get deeper into our spring market, it is not unusual to see multiple offers for well-priced homes in Vancouver, despite the lower-than-average sales volumes we continue to experience. My advice to buyers is to act quickly once you find the home you wish to purchase. Good properties, particularly in the detached market, are being snapped up quick.
If you or someone you know has questions about the market or is thinking of buying or selling, let's chat! I can be reached at this address or on: 778 317 9909.
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*Month's Supply Key:
Seller's Market = 1-5 months
Balanced Market = 5-7 months
Buyer's Market = Over 7 months
Source of data: Real Estate Board of Greater Vancouver