Friday, 13 April 2012

BCREA reports BC MLS® Dollar Volume Sales down 26.5% in March 2012

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.

Kind Regards

Trish Cenci

Tel 250 864 1707

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