No March Madness Repeat in 2012 – Greater Vancouver Real Estate Market Update April 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.

If you have any real estate questions or if you are thinking of buying or selling your home, please contact James Louie Chung, Metro Vancouver REALTOR® — Real Estate Agent at [email protected] or call / text ( 6 0 4 ) 7 1 9 — 6 3 2 8 today!

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