April 2010 Real Estate Board of Greater Vancouver MLS Statistics

Vancouver Real Estate Statistics for April 2010

Monthly Vancouver Real Estate MLS Statistics - April 2010

Balance returns to the Vancouver Real Estate Market

The historically busy spring real estate market is in full swing. All activity (both on the buyer and seller sides) has picked up significantly in the Vancouver real estate market. Despite supply outpacing increasing demand, we are also continuing to see across the board price increases.

There were 2612 new listings in April 2010. This is a significant increase of 9.61% over the previous month and 81.77% over a year ago. As you can also see in the New Listings chart here it is also the highest number of new listings for any month in the last five years.

Sales, however, were no slouch. April 2010 saw sales reach 1173 which was an 18.01% increase over last month and 16.02% over the year before. According to the REBGV this was also the fifth highest number of sales for the month of April since records were kept.

Active Listings continue to build. They rose from 3919 in March to 4754 in April 2010. This is a 21.31% increase month to month and an 18.26% increase year over year.

As for prices, the average home in Greater Vancouver rose in value 18.9% to $593,419 from $499,021 the year before. For the city of Vancouver, the average house rose in value by 31.24% in those same 12 months.

While buyers appeared to be hesitant in the last couple of months, they have joined the party began by sellers. The question remains, however, if the excess supply that has flooded the market in the past month will be swallowed up by buyers without dragging down prices.

The Vancouver Real Estate Board’s official line

“We’re in the midst of another strong spring season thanks to high levels of activity on both the buyer and seller sides of our market,” Jake Moldowan, REBGV president said. “The number of homes coming on the market has increased significantly in recent months, which is providing a healthy level of choice for those looking to buy during this period.”

“It was at this time last year when home prices in our region began their recovery from the declines that occurred during the recession period,” Moldowan added.

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