Housing market gears up!

Housing market gears up for busy spring cycle

New listings for detached, attached and apartment properties decreased by 5.4 per cent to 5,456 units compared to the 5,767 units listed in March 2006. The total number of active listings increased by 19.5 per cent to 10,356 units when compared to March 2006’s 8,664 units.

“Last month we saw a relatively fast turnaround on the majority of properties listed on the MLS® system. The average days on market dropped to 43 days in March 2007, compared to 49 days in February 2007,” says REBGV president Brian Naphtali. “Consumer demand for property in the Greater Vancouver area is still very, very high and the market is heating up as a result.

“With year-over-year double-digit price increases pushing the average price for a single-family home to near record levels, sellers are continuing to get excellent value for their homes throughout Greater Vancouver. Despite these price increases, buyers are still not shying away from this market either,” says Naphtali. “New listings are still very tight, but the increase in total listing inventory is opening new opportunity for people to make that long awaited move to their new home.”

According to Multiple Listings Service® (MLS®) data, sales of apartment properties decreased by 13.9 per cent to 1,532 sales in March 2007 compared to 1,779 sales in March 2006. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $349,373, up 14.5 per cent from one year ago.

Sales of attached properties decreased by 10.8 per cent in March 2007 to 651 sales, compared to 730 sales in March 2006. The benchmark price of an attached unit is $428,299, up 13.9 per cent from a year ago.

Sales of detached properties decreased by 8.2 per cent in March 2007 to 1,399 sales, compared to 1,524 sales in March 2006. The benchmark price of a detached unit is $682,173, up 11.8 per cent from last year.

“To get a better picture of what’s happening in your community, consult your local REALTOR®,” suggests Naphtali.

DETACHED:

Delta South up 8.9%................................................. (61 units sold, up from 56)

ATTACHED:

Vancouver East up 19.1% ..........................................(56 units sold, up from 47)

Burnaby up 8.2% .....................................................(106 units sold, up from 98)

APARTMENTS:

Burnaby up 9.6% ...................................................(194 units sold, up from 177)

Port Coquitlam up 13.6% ..........................................(50 units sold, up from 44)

Port Moody/Belcarra up 26.7% .................................(38 units sold, up from 30)

Squamish up 150% ......................................................(20 units sold, up from 8)

Prudential Sussex Realty

Committed Service. Real Estate Sales.

Real Estate North Vancouver. Real Estate West Vancouver. Real Estate Downtown Vancouver. Real Estate in the Lower Mainland. Buy and Sell Real Estate. Specialized in Real Estate. Dave Valente. Valente Real Estate.