March 2021 was a tough act to follow.
A year ago, we set a record for the most number of sales in a single month. EVER.
March 2022 couldn't match that pace. With 1298 Sales we were down -15.7% from last year...rather respectable, I would say. It was also UP +26.4% from February and a considerable +24.5% over the 10-year average.
New Listings of 2,118 were down -14.4% from last year, UP +23.5% from last month and up +22.7% over the 10-year average.
Total Active Listings were up only 6.4% over the 10-year average.
That continues the trend that we've seen in recent months...high (and rising) demand with lower supply.
As any student of economics knows, that's a recipe for rising prices. And, that's exactly what we have seen in the last few months.
In fact, there were some VERY significant moves in valuation in March.
Specifically, East Van Townhouses saw a whopping increase of +6.82% IN A SINGLE MONTH. East Van Houses also saw a big increase of +3.85%.
Can this market continue? Possibly....
A year ago, we set a record for the most number of sales in a single month. EVER.
March 2022 couldn't match that pace. With 1298 Sales we were down -15.7% from last year...rather respectable, I would say. It was also UP +26.4% from February and a considerable +24.5% over the 10-year average.
New Listings of 2,118 were down -14.4% from last year, UP +23.5% from last month and up +22.7% over the 10-year average.
Total Active Listings were up only 6.4% over the 10-year average.
That continues the trend that we've seen in recent months...high (and rising) demand with lower supply.
As any student of economics knows, that's a recipe for rising prices. And, that's exactly what we have seen in the last few months.
In fact, there were some VERY significant moves in valuation in March.
Specifically, East Van Townhouses saw a whopping increase of +6.82% IN A SINGLE MONTH. East Van Houses also saw a big increase of +3.85%.
Can this market continue? Possibly....
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