Wednesday, April 9, 2014

Buyers were on the hunt for houses in March

Sales of detached homes outpaced condos and townhomes throughout the region

Buyers were on the hunt for houses in March

March home sales showed an improvement from a year ago, but transactions continued to trend below their 10-year average, according to reports.

Buyers favoured houses in the suburbs and condos in pricier urban communities in March, according to sales results released Wednesday for the Lower Mainland’s main property markets.

March sales showed an improvement from a year ago, but transactions continued to trend below their 10-year average, according to the reports.
“There has been a consistent balance between homeseller supply and homebuyer demand in our marketplace over the last year,” said Ray Harris, the newly installed president of the Real Estate Board of Greater Vancouver, in a news release.
Realtors saw 2,641 sales through the Multiple Listing Service in Metro Vancouver (excluding Surrey), an increase of 13 per cent from the same month a year ago, with house sales outpacing other property types in Richmond, Port Coquitlam, North Vancouver and Maple Ridge/Pitt Meadows.
However, the total remained 17 per cent below the 10-year average for March sales, the REBGV said.
Detached-home sales across the region totalled 1,116, up 20 per cent compared with a year ago, with the benchmark price, an average for typical homes sold, at $945,400, up 4.2 per cent from March 2013.
Condo sales totalled 1,106 in March, an increase of 13 per cent from a year ago. Within the region, condo sales outpaced detached homes on the west side of Vancouver, in Burnaby and in New Westminster.
Townhomes sales declined in Metro Vancouver, down three per cent compared with a year ago to 432 in March, at a benchmark price of $460,100, up 1.3 per cent from a year ago.
The proportion of house sales also increased in the Fraser Valley (including Surrey) according to Ray Werger, new president of the Fraser Valley Real Estate Board.
Valley realtors saw 1,259 total sales cleared through MLS in March, up 12 per cent from the same month a year ago and detached homes made up 58 per cent of the number, compared with 55 per cent a year ago.
“Our main buyers are families looking for the best value possible by taking advantage of continuing low interest rates and stable home prices,” Werger said in a news release.
The benchmark price for detached homes in March was $563,400, up 3.5 per cent from a year ago, on 651 sales, according to the board’s report.
However, the benchmark prices on other property types fell — 0.4 per cent on townhouses year-over-year to $297,100, and 4.3 per cent on condos to $195,400.