Record Sales in March, Still Have a Lack of New Inventory
March is on pace to hit 5,000 homes sold in Greater Vancouver for the first time ever. It would seem that the trend of more sales and less listings is something the market is not deviating from. With 4,462 properties sold so far in March and the current trend of 300 sales a day, March will likely finish close to 5,200 to 5,300 sales. Total active listings are at 7,954 down from 8,091 last month. Some areas will finish with 1 month’s supply of listings or less while 2 months will be the average. A far cry from two years ago when 6 to 10 months was what was available in the market. Some extreme undersupplied markets include North Vancouver townhouses with 56 sales so far in March with only 36 units available. In Vancouver’s West Side, there have been 87 sales and there are 87 active listings. Vancouver West Side condo inventory is down to 661, from a high of 2,344 in the spring of 2013. Here is a summary of the activity so far:
Greater Vancouver – 4,462 Units Sold so far in March 2016 compared to 4,254 Units Sold in February 2016. Total New Listings so far in March are 5,228 compared to 5,967 in February 2016. Total Active Listings are at 7,954 (13,521 at the same time in March 2015), Sales To Listings Ratio is at 85% compared to 71% in February 2016.
Vancouver West - 844 Units Sold so far in March 2016 compared to 852 Units Sold in February 2016. Total New Listings so far in March are 884 compared to 1,199 in February 2016. Total Active Listings are at 1,303 (2,414 at the same time in March 2015), Sales To Listings Ratio is at 95% compared to 71% in February 2016.
Vancouver East – 392 Units Sold so far in March 2016 compared to 342 Units Sold in February 2016. Total New Listings so far in March are 460 compared to 515 in February 2016. Total Active Listings are at 594 (968 at the same time in March 2015), Sales To Listings Ratio is at 85% compared to 66% in February 2016.
North Vancouver – 348 Units Sold so far in March 2016 compared to 346 Units Sold in February 2016. Total New Listings so far in March are 328 compared to 487 in February 2016. Total Active Listings are at 322 (805 at the same time in March 2015), Sales To Listings Ratio is at 106% compared to 71% in February 2016.
West Vancouver – 155 Units Sold so far in March 2016 compared to 169 Units Sold in February 2016. Total New Listings so far in March are 194 compared to 278 in February 2016. Total Active Listings are at 407 (636 at the same time in March 2015), Sales To Listings Ratio is at 80% compared to 61% in February 2016.
Richmond – 560 Units Sold so far in March 2016 compared to 533 Units Sold in February 2016. Total New Listings so far in March are 784 compared to 759 in February 2016. Total Active Listings are at 1,197 (1,893 at the same time in March 2015), Sales To Listings Ratio is at 71% compared to 70% in February 2016.
