Vancouver, BC – April 13, 2012.
The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through Multiple Listing Service® (MLS®) in BC declined 26.5 per cent to $3.8 billion in March compared to the same month last year. A total of 6,882 MLS® residential unit sales were recorded over the same period, a decline of 20 per cent.
The average MLS® residential price was $545,959 in March, 8.1 per cent lower than in March 2011. “The spike in consumer demand recorded a year ago was not repeated last month,” said Cameron Muir, BCREA Chief Economist. “A marked increase in high-end home sales a year ago pushed up unit sales and skewed average prices higher, so it’s no surprise to see fewer home sales and lower average prices in March of this year.” Year-to-date, BC residential sales dollar volume declined 17 per cent to $9.2 billion, compared to the same period last year. Residential unit sales dipped 12.7 per cent to 16,724 units, while the average MLS® residential price edged back 5 per cent to $552,785 over the same period.
In reviewing this information it would appear that part of this change was as a result of the 31.6% reduction in volume, and the 29.4% reduction in monthly sales, in the Greater Vancouver area.
In the Central Okanagan area the average sale price for March 2012 was $366,389 against $376,574 in March 2011. This represents a 2.7% reduction in average price against last year. Year to date the average home price has fallen by 1.6% to March 2012 from $368,255 to $362,497. Active listings are also down by 3.0% in 2012 from 5,922 to 5,744.
As the spring market continues to gain momentum, it will interesting to see whether we start to see average prices begin to hold firmer.
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