The BC Real Estate Association (BCREA) reported Friday that the dollar volume of homes sold in B.C. through the Multiple Listing Service (MLS) fell 26.5% to $3.8 billion in March, compared with March 2011.
A total of 6,882 MLS residential unit sales were recorded over the same period, a decline of 20%.
The average residential price was $545,959 in March, 8.1% lower than in March 2011.
Cameron Muir, BCREA chief economist, said, “The spike in consumer demand recorded a year ago was not repeated last month.
“A marked increase in high-end home sales a year ago pushed up unit sales and skewed average prices higher, so it's no surprise to see fewer home sales and lower average prices in March of this year.”
Year-to-date, B.C. residential sales dollar volume declined 17% to $9.2 billion, compared with the same period last year.
Residential unit sales dipped 12.7% to 16,724 units, while the average MLS residential price edged back 5% to $552,785 over the same period.
