“I’m Jamie Hooper with the Home Advantage team at Remax Select Properties, and today we’re here to talk about the March sales statistics for the Greater Vancouver real estate market. But before we dive into that, I’d like to remind you that if you find these videos valuable or enjoyable, consider clicking the thumbs up, leaving a comment, or subscribing to our YouTube channel.

Market Conditions During Spring 

The statistics for the month of March are in, revealing some heating up market conditions. This is a typical occurrence for most markets, including Vancouver. Generally, we experience a busy spring, followed by a slight slowdown in June and July, and then a resurgence in activity in the fall. This pattern has been consistent for the last few years.

Detached Housing Sales Analysis

Let’s take a closer look at the detached housing sales for the month of March. But before that, let’s discuss the three types of market conditions: seller’s market, balanced market, and buyer’s market. A seller’s market occurs when more than 20% of properties sell each month, leading to potential price increases. A balanced market sees between 12 and 20% of properties sold, resulting in stable prices. Conversely, a buyer’s market, with less than 12% of properties sold, may lead to price declines.

Regional Market Insights

Examining the statistics, we observe seller’s market conditions in most parts of the Lower Mainland for detached houses, except for West Van and the west side of Vancouver. Delving deeper, some areas are experiencing extreme seller’s markets. For instance, the west side of Vancouver is particularly busy up to 3.5 million, but listings drop dramatically above that threshold.

Key Indicators

Median days on market are down for most areas, indicating heightened market activity. Additionally, the percentage of houses selling above asking price is rising, suggesting multiple offers and competitive bidding situations. Properties are also selling close to their asking prices, with some areas even exceeding the listing price.

Condo and Townhouse Market

Turning to the condo, townhouse, and half-duplex market, we see seller’s market conditions prevailing. Median days on market are low across the board, and a significant percentage of properties are selling above asking price.

Looking Ahead

As we anticipate similar market conditions for April, May, and June, it’ll be interesting to see what unfolds this summer. If you’re considering listing your home, reach out to us for a free evaluation. We’d be glad to assist you. I’m Jamie Hooper with the Home Advantage team at Remax Select Properties, and we’ll be back to talk with you soon.