March came in like a lion as far as the Westside detached house market is concerned. The first weeks were already seeing the highest monthly transactions of the year and eclipsing the pace of March 2019 by nearly 60%. We were seeing multiple offers on prime listings. Then the entire world economy and Vancouver’s surging real estate market was interrupted by the coronavirus outbreak. Within days the home became the frontline in the largest pandemic battle in a century. People were ordered to stay home and keep distance when outside. Open houses were cancelled. Listings and sales were delayed and, across Metro Vancouver, the MLS residential sales pace dropped from 14 a day at the start of the month to an average of 9 during the last 10 days.
March took the ascension of Eastside detached house demand to a lofty new level with the 108 sales doubling the transactions in March of last year and posting the highest sales of any month in 2020. With 188 new listings added, the sales-to-new-listing ratio was a better-than-balanced 57%. The sales success ratio for listings from $2 million to $2.5 million was 80%. and the overall benchmark price rose 2.2% from January 1 to $1.42 million. By St. Patrick’s Day most of us were settling in for very active year for listings and sales.
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