March 2020 Market Update
Vancouver Real Estate
Home buyers and sellers adjust their activities in march
amid challenging circumstances
Metro Vancouver’s housing market saw steady home buyer demand to begin March and a levelling off of activity as the month went on and concerns about the COVID-19 outbreak intensified.
Sales in Greater Vancouver 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.
The total number of homes currently listed for sale on the MLS® in Metro Vancouver is 9,606, a 24.8% decrease compared to March 2019 (12,774) and a 4.5% increase compared to February 2020 (9,195).
For all property types, the sales-to-active listings ratio for March 2020 is 26.3%. By property type, the ratio is 21.1% for detached homes, 33% for townhomes, and 28.9% for apartments.
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 compared to March 2019, and a 1.3% increase compared to February 2020.
