The Real Estate Board of Greater Vancouver saw a very strong buyers and sellers market continue in March and into April. With total sales in March reaching as high as 2,641, this is up 12.5% from last year and 17.2% below the 10 year average. Regardless, with such a stagnent market for the last half of 2013 most buyers and sellers are excited to have a busy and strengthening real estate market. With a steady supply of 14,472 homes listed on the MLS as of March 2014 home sales are continued to charge ahead. Homes listed on the regions MLS have been steadily increasing since November of last year.
Moving into the second quarter of 2014, many buyers and sellers are starting to get a good grasp of what to expect on this modified activity. With many new developments popping up all over the GVRD, there is not rest in sight for new housing opportunities and renovation approvals offered by the city.
In March and April the real estate market saw the cheapest home for sale in Vancouver get listed for $599,000 and sell for $643,000, 7% over asking. This just goes to show that sellers are becoming more realistic in their pricing strategies and that buyers are buying well priced homes.
With a strengthening economy, recovering real estate market and low interest rates, it is exciting to imagine what will happen in the near future to the Greater Vancouver Real Estate Market.
Feel free to watch the REBGV March 2014 Market Update below: