Housing Market Conditions Improve on the South Coast
Vancouver, BC – May 15, 2013. The British Columbia Real Estate Association (BCREA) reports that a total of 6,904 residential sales were recorded by the Multiple Listing Service® (MLS®) in BC during April, up 1.9 per cent from March on a seasonally adjusted basis, but down 2.2 per cent compared to April 2012. Total sales dollar volume declined 3 per cent to $3.65 billion. The average MLS® residential price in the province was $528,507, down 0.8 per cent from a year ago.
"BC home sales trended higher again in April, with seasonally adjusted unit sales now 8 per cent higher since the beginning of the year," said Cameron Muir, BCREA Chief Economist. "Market conditions were at or near balanced conditions in Victoria, Vancouver, the Fraser Valley and the North last month, leading to a firming up of home prices." The MLS® Home Price Index edged up 0.7 per cent over the past month in the Lower Mainland, and 1.5 per cent over the past three months.
Year-to-date, BC residential sales dollar volume was down 16.6 per cent to $10.8 billion, compared to the same period last year. Residential unit sales dipped 13.9 per cent to 20,476 units, while the average MLS® residential price was down 3.1 per cent at $529,785.
What does this mean for those looking to buy or sell a home??
With the current market heading into a balanced market the prices with trend upwards slightly as there will be more demand for the current inventory. Those looking for great deals will still be able to find them with the current home inventory high. Those looking to sell a home will be able to get a slightly better price for their home as the demand heats up.
If you are looking to know what the current market value of your home is then please call me. I can do your home evaluation quickly and effectivly so you will get the most money from the sale of your home!
PS... Do you know someone who is thinking about buying or selling? Want to earn up to $1000? Call me and I would love to help you earn some extra cash for helping your family or friends find their dream home!