Vancouver real estate sales continue to rise as confidence increases

As we enter into April Vancouver's real estate market continues to shed some of its past volatility and demonstrate signs of improved stability. 

Metro Vancouver real estate sales increased 53 percent in March over February 2009, the most of any city. Though March sales are typically higher than February, this increase marks the second consecutive month that sales have outperformed the ten-year average for this month-over-month comparison.

New residential listings for Metro Vancouver decreased 22 per cent in March 2009 making it the fifth consecutive month of decline. 

Vancouver-west new residential property listings increased 1 percent for detached homes; 15.9 percent for attached homes, and decreased 0.2 percent for apartments (condo's).

Residential sales for Vancouver - west increased 44% for detached homes, attached homes increased 64.9%, and apartment sales increased 36.3%. 

All these statistics and trends are encouraging as we continue to head in the direction of market recovery and more balanced conditions.  Whether the real estate market has finally reached its bottom is uncertain, but apartments prices for Metro Vancouver increased marginally in March from $333,134 to $337,099.

Vancouver - west benchmark prices continued to decrease from February into March. Detached homes dropped from $1,170,886 to $1,127,017, attached homes from $635,072 to $624,746, and apartments dropped just slightly from $422,456 to $422,264. 

The increase in sales can be attributed to people having more confidence in the housing market today than they had late last year.

 First time home buyers continue to be attracted by low interest rates, good supply of housing, greater affordability, and a considerably lower overall cost of servicing a mortgage compared to recent years.  

For more information on Vancouver real estate market conditions visit www.deanwegman.com

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