No March Madness for British Columbia Real Estate This Year

BCREA reports that the dollar volume of British Columbia homes sold on MLS  declined 26.5 %  in March compared to Mar’11. There was also a decline of 20 per cent. in residential sales for the same period, bringing the average price for residential units to  $545,959 , a 8.1% drop from March 2011.

March 2011 Saw a Spike in Consumer Demand

but this spike was not expereienced in March this year. The spike a year ago was due to an increase of high end home sales   which pushed up the number of sales and skewed the average price. An absense of that occurrence again resulted in a levelling of sales and the average price.

How are Year to Date Real Estate Sales Vs.2011?

Residential home sales year to date declined 17% vs same period last year but the average price climbed 5%. Sales in BC are following the same pattern as Greater Vancouver.

How do you think the year will unfold?

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