This house on 1st Avenue recently sold above asking price for $345,000 (asking-$339,900) in just ONE day.
The British Columbia Real Estate Association (BCREA) reported in April that a total of 6,717 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in March 2020, an increase of 17.2 per cent from March 2019. The average MLS® residential price in BC was $789,548, a 15.1 per cent increase from $685,892 recorded the previous year. Total sales dollar volume in March was $5.3 billion, a 35 per cent increase over 2019.
Over the whole province – Jan to March 2020, BC residential sales dollar volume was up 37.1 per cent to $12.9 billion, compared with the same period in 2019. Residential unit sales increased 21.7 per cent to 16,866 units, while the average MLS® residential price was up 12.6 per cent to $763,031.
March sales were very strong. The month of April started strong with sales tapering off by mid-month due to the pandemic restrictions. While we don’t know when the restrictions will be eased, experts say markets will be boosted by pent-up demand and historically low interest rates when it does.
Meanwhile, realtors are committed to doing their part to ensure communities stay safe. Real estate is an essential service.
Realtors are following all orders and guidance from the Public Health Authority which includes modifying their practices around face-to-face meetings and showings. The real estate board has recommended that no open houses be held during this time.
Sellers may now remain on the MLS system without the need for showings and all consumers can expect more phone or virtual meetings as well as limits on showings and new showing guidelines. We ask consumers to be patient with real estate practice changes at this time.
If you are a home seller, now is a good time to list as the amount of houses for sale is currently lower than normal.
If you are looking to buy a home, now is a good time to start looking while the interest rates are at historical lows.
Call Denise 250.981.4208 to get started.
