March 2020 Market Stats

March 2020 Vancouver Island Real Estate Market Stats

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The COVID-19 health crisis will undoubtedly dampen the provincial housing market, but the virus had little impact on March sales.

Last month, 333 single-family homes sold on the MLS® System compared to 259 in February 2020 and 308 in March 2019. Apartment sales in March did drop by 44 per cent year over year, but there was a 40 per cent increase in townhouse sales from one year ago.

Inventory of single-family homes last month was slightly higher than one year ago (1,174 to 1,181). Active listings of apartments rose by 41 per cent (284 to 400) year over year, while townhouse inventory dropped by 18 per cent (181 to 147).

The benchmark price of a single-family home board-wide was $521,400 in March, a four per cent increase from one year ago and marginally higher than in February. In the apartment category, the year-over-year benchmark price rose by seven per cent, hitting $314,700, which is around one per cent higher than the previous month. The benchmark price of a townhouse in March rose by four per cent year over year and was two per cent higher than in February, climbing to $417,900.

 

*Source: VIREB