INFOGRAPHICS: March 2020 REBGV Greater Vancouver Market Reports
April is here, and it’s been a tough past few weeks for everyone. Here’s our monthly market update for areas covered by the Real Estate Board of Greater Vancouver (REBGV)!
In their most recent market update, REBGV reports that Metro Vancouver’s housing market saw steady home buyer demand to begin March and a leveling off of activity as the month went on and concerns about the COVID-19 outbreak intensified.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,524 in March 2020, a 46.1% increase from the 1,727 sales recorded in March 2019, and a 17.4% increase from the 2,150 homes sold in February 2020.
Last month’s sales were 19.9% below the 10-year March sales average.
Daily residential sales on the region’s MLS® were 138 on average in the first ten business days of the month. In the final ten business days of the month, the daily average declined to 93 sales.
As noted by Ashley Smith, REBGV president,
“The first two weeks of the month were the busiest days of the year for our region with heightened demand and multiple offers becoming more common. Like other aspects of our lives, this changed as concerns over the COVID-19 situation in our province grew.
Many of the sales recorded in March were in process before the provincial government declared a state of emergency. We’ll need more time to pass to fully understand the impact that the pandemic is having on the housing market.
In recent weeks, REALTORS® have been working to help and guide their clients through this uncertain period. Many people have understandably chosen to put their home buying or selling plans on hold for now. Other people have more urgent housing needs and we’re trying to work with them to address these needs in the safest and most responsible way possible.
Realtors were named among the province’s list of essential services last week. This means that we have a responsibility to do what we can to help residents meet their housing and shelter needs while strictly following the most up-to-date public health orders and physical distancing requirements from our health officials and government agencies.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,033,700. This represents a 2.1% increase over March 2019, and a 1.3% increase compared to February 2020.
Sales of detached homes in March 2020 reached 852, a 61.1% increase from the 529 detached sales recorded in March 2019. The benchmark price for detached properties is $1,450,700. This represents a 0.7% increase from March 2019, and a 1.2% increase compared to February 2020.
Sales of apartment homes reached 1,179 in March 2020, a 35.1% increase compared to the 873 sales in March 2019. The benchmark price of an apartment property is $687,000. This represents a 2.9% increase from March 2019, and a 1.4% increase compared to February 2020.
Attached home sales in March 2020 totalled 493, a 51.7% increase compared to the 325 sales in March 2019. The benchmark price of an attached unit is $791,800. This represents a 2.5% increase from March 2019, and a 0.9% increase compared to February 2020.
The following data is a comparison between March 2019 and March 2020 numbers, and is current as of April 2020. For last month’s update, you can check out our previous post for February 2020 data.
These infographics cover current trends in North Vancouver, West Vancouver, Vancouver East, and Vancouver West.
Click on the images for a larger view!
(Protip: Make sure to grab the printable PDF versions, too! It fits best when printed on A4-sized sheets, AND we’ve added an area on the sheet where you can attach your business card! 🙂 )