A recent report by Dexter Realty indicates that Greater Vancouver property sales in March 2021 could set a new monthly record.
This comes amid rising concerns about an overheated market, which some fear may be headed to a crash.
If the brisk activity observed by Dexter Realty continues at the current pace, March this year will become the highest ever in terms of monthly sales.
The Vancouver-based company’s report covered deals for homes and lots from March 1 to March 15.
“So far there have been 2,663 properties sold in Greater Vancouver which could take us to 5,400 – the highest was 5,301 in March 2016,” the report stated.
According to Dexter Realty, the number of sales in March 2021 so far are “on pace to be the highest monthly amount on record”.
Meanwhile, more listings are coming on the market.
“With 4,267 new listings at mid-month, this pace could take us above 8,000 in a month for the first time ever,” the report noted.
However, the report also pointed out that the “total number of active listings has only crept up to 9,467 from 8,851 at the end of February”.
At this time in 2020, listings numbered 10,338.
As well, sales to listings ratio as of March 15, 2021 was at 62 percent compared to 55 percent during the same time last year.
For more details, see Dexter Realty’s numbers here.