"Great things are not something accidental, but must certainly be willed." - Vincent van Gogh
Spring has Sprung!
The Sales has Riz,
There is no question where the Buyers Is
Attached are the Sales and Listings Stats updated to the end of March 2015. The 53% year over year growth in Greater Vancouver unit sales, unprecedented, it is not. The year over year increase in sales in March 2011 compared to March 2010 was actually 89%. But it was certainly a very busy real estate market in Greater Vancouver through March. Sales were up 33% from February 2015 – 4,132 units sold versus 3,108 in February 2015 and 2,697 in March 2014. All areas saw increases in sales month over month, except for West Vancouver which saw sales fall from 146 in February to 135 in March. It was still higher than March 2014 at 78 units sold in March 2014. Total new listings in March were 6,168 compared to 5,566 in February 2015 and 5,445 in March 2014. Active listings on market, are not increasing at the same rate as previous years with only 13,391 active listings on market compared to 15,540 at the same time last year. Most areas have seen month’s supply of listings fall to 3 months or less – East Vancouver, North Vancouver, Coquitlam, Port Moody, Port Coquitlam, Ladner and Tsawwassen falling to 2 month’s supply – strong seller’s market conditions. A lack of new listings coming on market is creating these conditions. In March 2011 with residential sales totaling 4,132 in Greater Vancouver there were 6,995 new listings that month – compared to only 6,168 this month.
With strong buyer demand and a lack of supply, we are seeing multiple offer scenarios in all regions and product types thus putting upward pressure on prices. Consistently low interest rates will continue in the coming months which should continue to fuel buyer demand. April is typically a stronger listing month, which will help. For those looking to sell, now would be the ideal market to list. But buyers will need to remain competitive moving forward without any significant moderation in demand. After 3 quieter years in real estate, pent up demand will likely continue to drive the market for the near future.
March 2015 Sales and Listings Stats All Regional
March 2015 Sales and Listings Stats Houses Townhouses Condos
Here’s a summary of the numbers:
Greater Vancouver: Total Units Sold in March 2015 was 4,132 – up from 3,108 (33%) in February 2015, up from 2,697 (53%) in March 2014, up from 2,373 (74%) in March 2013; Active Listings are at 13,391 compared to 15,540 at this time last year; New Listings in March 2015 were up 13% compared to March 2014 and up 11% compared to February 2015; Month’s Supply of Total Residential Listings has dropped to 3 Months (Seller’s Market) and a Sales to Listings Ratio of 67% compared to 50% in March 2014 and 56% in February 2015.
Vancouver Westside Residential: Total Units Sold in March 2015 was 825 – up from 631 (31%) in February 2015, up from 571 (44%) in March 2014, up from 533 (55%) in March 2013; Active Listings are at 2,402 compared to 2,796 at this time last year; New Listings in March 2015 were up 5% compared to March 2014 and down 5% compared to February 2015; Month’s Supply of Total Residential Listings has dropped to 3 Months (Seller’s Market) and a Sales to Listings Ratio of 69% compared to 50% in March 2014 and 50% in February 2015.
Vancouver Eastside Residential: Total Units Sold in March 2015 was 464 – up from 325 (43%) in February 2015, up from 336 (38%) in March 2014, up from 225 (106%) in March 2013; Active Listings are at 925 compared to 1,064 at this time last year; New Listings in March 2015 were up 17% compared to March 2014 and up 20% compared to February 2015; Month’s Supply of Total Residential Listings has dropped to 2 Months (Very Strong Seller’s Market) and a Sales to Listings Ratio of 74% compared to 63% in March 2014 and 62% in February 2015.
North Vancouver Residential: Total Units Sold in March 2015 was 399 – up from 273 (46%) in February 2015, up from 233 (71%) in March 2014, up from 206 (94%) in March 2013; Active Listings are at 803 compared to 949 at this time last year; New Listings in March 2015 were up 26% compared to March 2014 and up 5% compared to February 2015; Month’s Supply of Total Residential Listings has dropped to 2 Months (Very Strong Seller’s Market) and a Sales to Listings Ratio of 77% compared to 57% in March 2014 and 56% in February 2015.
West Vancouver Residential: Total Units Sold in March 2015 was 135 – down from 146 (8%) in February 2015, up from 78 (73%) in March 2014, up from 78 (73%) in March 2013; Active Listings are at 633 compared to 657 at this time last year; New Listings in March 2015 were up 19% compared to March 2014 and down 24% compared to February 2015; Month’s Supply of Total Residential Listings has dropped up to 5 Months (Balanced Market) and a Sales to Listings Ratio of 59% compared to 41% in March 2014 and 49% in February 2015.
Richmond Residential: Total Units Sold in March 2015 was 553 – up from 399 (39%) in February 2015, up from 374 (48%) in March 2014, up from 280 (98%) in March 2013; Active Listings are at 1,871 compared to 2,125 at this time last year; New Listings in March 2015 were up 13% compared to March 2014 and up 4% compared to February 2015; Month’s Supply of Total Residential Listings has dropped to 3 Months (Seller’s Market) and a Sales to Listings Ratio of 72% compared to 55% in March 2014 and 54% in February 2015.