Demand continued to rise across Metro Vancouver’s housing market in March. The latest SnapStats reports that residential property listings in Downtown Vancouver, Vancouver West, Vancouver East, North Vancouver and West Vancouver reached 4,369 on the Multiple Listing Service® (MLS®) in March 2015. This represents a 0.3% increase compared to the 4,354 listings recorded in February. Last month’s sales were totalled 1,766 in March and the sales is 33% above February of 1,329.

Market in Downtown Vancouver 

The total number of properties currently listed for sale on MLS® system in Downtown Vancouver is 690 and 326 homes were sold in March. The number of sales recorded in March is the highest in past 12 month. The number of listing properties has increased 2.4% compared to February 2015. The sales-to-inventory ratio currently sits at 47.25% average in the Sellers Market, which means 4.7 in 10 homes are selling. This states the 12.17% increased from 35.08% recorded in February.

The median sales price decreased 0.58% from February 2015 to $502,553. Homes are currently selling on the average of 3% below their listing price. The Most Active Price Range is in between $300,000 to $600,000 at 62% sales ratio as well as $1 million to $1.25 million at 43% sales ratio. The Sellers Best Bet is homes in Westend, Yaletown and up to 2 bedroom properties. The Buyers Best Bet is the following: Homes between $800,000 to $1 million, Coal Harbor, Downtown and minimum 4 bedrooms plus properties.

From the 13 Month Market Trend figure below, sales price in Downtown Vancouver has been increasing since December 2014, and we see continual rise in 2015.

Source: SnapStats Metro Vancouver Edition March 2015, SnapStats Publishing Co.

Market in Vancouver West

Sales for both Detached and Attached properties in Vancouver West totalled 475 units out of 1,544 listings. This represents a 26% increase in sales from March 2015, and Detached and Attached properties in Westside have 30.7% average sales ratio. The Vancouver West Detached Market is facing Sellers Market at 30% sales ratio average. The Most Active Price Band in the Detached Market has increased to $1.25 to $1.5 million with 89% ratio and $2 to $2.25 million range with 88% sales ratio, and Attached Market active price band has decreased at $300,000 to $400,000 range.

Market in Vancouver East 

New listings in Vancouver East reached 823 units and sales are totalled 445 in March. Detached Market is facing Sellers Market with 68% sales ratio and the market is the most active at $900,000 to $1.25 million with 95% sales ratio, which means 9.5 in 10 homes are sold. The Homes are sold at $1,137,500, and the price is the highest in past 12 months. The inventory of the Attached Market in Vancouver East reached 513, and 235 homes were sold. Homes are selling on average 1% above listing price. The market is facing Sellers Market at 46% sales ratio, and the most active at $700,000 to $800,000 with 75% sales ratio.

Market in North Vancouver

Total properties listed in MLS® has become 742 units in North Vancouver in March, and 385 units were sold. The sales ratio has increased to 56.49%, and this shows a 7.3% increase compared to February 2015. The sales price has been increasing since November 2014 in North Vancouver Detached Market, and it was the second highest in last month. The Most Active Price Range in March has increased at $800,000 to $1.25 million with 99% sales ratio. The Attached Market has changed to the Sellers Market, and the sales ratio is at 41%.

Market in West Vancouver

West Vancouver Detached Market is Sellers Market now with 22% sales ratio, and the Attached Market has changed to Sellers Market with 26% sales ratio average in March. In Detached Market, the Most Active Price Band has increased to $1.75 million to $2 million band with 59% sales ratio, and homes are selling on average 3% below list price. The Market in West Vancouver is more active in March. In the Attached Market, the Most Active Price Range has decreased to $900,000 to $1,000,000 with 45.45% sales ratio.

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