Benchmark prices for March rose across the REBGV. Compared to March of ‘06 prices are up 11.8% for detached properties, 13.9% for attached properties and 14.5% for apartments.
Average price for detached properties rose from $743,222 in February to $785,234 in March. For attached the average price fell from $462,184 to $456,471; apartment values rose from $367,596 to $380,176.
Median prices for detached were up in Burnaby, Delta-South, Maple Ridge/Pitt Meadows, North Van, Port Coquitlam, Richmond, East Van, and West Van. Median prices for detached properties dropped in Coquitlam, New West, Port Moody, and Vancouver West.
Median price for attached were up in Burnaby, Maple Ridge/Pitt Meadows, North Van, Richmond and East Van. Median prices for attached properties dropped in Coquitlam, Port Moody, and Vancouver West.
Median prices for apartments were up in Burnaby, Coquitlam, New West, North Van, Port Coquitlam, Port Moody, Richmond, East Van, and Vancouver West . Median prices for apartments dropped in Maple Ridge.
Sales volume is down compared to 2006, by 8.2% for detached, 10.8% for attached, and 13.9% for apartments. March sales were stronger than February sales. Meanwhile, listing count is up. Total listing count for March was 12,452, while total sales were 3,744; that’s 3.32 months worth of inventory. Last month’s number was 3.92, and the month before was 4.89 In December the number was 6.2. It was 2.92 in June ’06. We are moving in the right direction in terms of tightening inventory, however total listings in March ’06 were 10,625, meaning total listings are 17% higher this year. At the same time, sales are 11% lower this year compared to 2006.
Bottom line? Inventory is higher, sales are lower, but prices are still rising. New listings are coming on line more slowly than last March. Spin factor: In regard to sales the word “decrease” was used 6 times. I don’t know if that’s negative news, or “bad” news, but since some readers look for evidence that the Board reports both sides of the equation, there’s at least a little.