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.
There are some storm clouds on the horizon. Economic uncertainty. Global strife. Rising interest rates....and also shifting government regulations.
Any or all of these COULD alter the balance between demand and supply.
...but, not yet.
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.
There are some storm clouds on the horizon. Economic uncertainty. Global strife. Rising interest rates....and also shifting government regulations.
Any or all of these COULD alter the balance between demand and supply.
...but, not yet.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.
Comments:
Post Your Comment: