March 2020 Starts Strong but Adjusts to The New World

According to the Real Estate Board of Greater Vancouver (REBGV), March 2020 home sales increased compared to last month’s.

In February, Metro Vancouver saw a total of 1,727 sales. March sales increased by 17.4 percent, jumping to a total of 2,524 sales.

Last year in March, there were only 1,727 sales. Sales have increased by 46.1% when compared to last year.

Multiple offers were more common March 2020

“The first two weeks of the month were the busiest days of the year for our region with heightened demand and multiple offers becoming more common,” said Ashley Smith, REBGV president.

It was not uncommon to see homes sell above list price, giving more purchasing power to sellers.

Condos, single-family homes and attached properties were all in a seller’s market for the month of March.

Compared to March of last year, the detached market increased by 61.1%. Condos in Greater Vancouver increased by 35.1%. March 2020 attached sales increased by 51.7% when compared to last year.

The Effects of COVID-19 towards the end of March 2020

REALTORS® were named an essential service by the Minister of Public Safety and Solicitor General.

During this crisis no open houses are allowed, this is to help with the prevention of the Coronavirus. Although business is still open for agents, this is not business as usual.

Sales saw a decrease for the last few weeks of March 2020

The number of Daily residential sales for the first ten business days of March were 138 on average. In the final ten business days of March 2020, the daily average declined to 93 sales. We’ll have to wait and see the effects of COVID-19.

To see the latest statistics for March 2020 from the Real Estate Board of Greater Vancouver, please click here.

Check out our blog post regarding the Coronavirus (COVID-19).

Special thanks to Tomas Williams for the beautiful photo of Robson.