In this video Ashley Smith, President of the Real Estate Board of Greater Vancouver (REBGV) takes us through a summary of the March 2020 Vancouver housing market March 2020 statistics.
For our visual learners, watch the video above! Otherwise, continue reading our post for the main housing statistics and insights.
Vancouver Housing Market March 2020 Report
“Metro Vancouver’s Vancouver 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.
Let’s take a closer look!
Realtors registered about 2,500 home sales on the MLS in March. This is 46% above last year and is about 20% below our 10-year March average. But these numbers don’t tell the whole story.
The first two weeks of the month were the busiest days of the year in our Market with multiple offers becoming more common. Like other aspects of our lives this changed as concerns over the covid-19 situation grew. In the first 10 business days of the month, there were 138 sales per day on average. In the final ten days the average declined 93 sales.
The Benchmark price for all housing types of Metro Vancouver is $1,033,700 which is up 2.1% over last year. By property type we see price increases have been most concentrated in the condo market. On the supply side we’re seeing fewer people listing their homes. There are 9600 homes listed for sale today. This is down 25% from last year.
Many of the sales recorded in March were in process before the provincial government declared a state of emergency.
Many people are understandably choosing to put their home buying or selling plans on hold for now. Others have more urgent housing needs. Realtors have been working with their clients to address these needs in the safest and most responsible ways possible.
We’ve been named among the province’s list of essential services. This means that we have a responsibility to do what we can to help residents meet their housing and shelter needs while strictly following the most up-to-date public health orders and physical distancing requirements.
It’s an uncertain time for all of us right now. When it comes to the housing market we will need more time to pass to fully understand the impact that the pandemic is having.
Please stay safe and do what you can to help those around you.”
Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmon, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.
The Real Estate Board of Greater Vancouver is an association representing more than 14,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®.
That wraps up the Vancouver housing market March 2020 market report!