BCREA release - British Columbia Real Estate Association reports residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC dipped 1.4% to $4.1 billion in April, compared to April 2007. Residential unit sales declined 11% to 8,623 units during the same period. The average MLS® residential price in the province reached $478,044, up 11% from April 2007. “Rising inventories are providing more choice for consumers and exerting less upward pressure on home prices,” said Cameron Muir, BCREA Chief Economist. Active MLS® residential listings in the province were up 37% to 47,923 units in April. “The combination of a slower pace of home sales and some profit taking by investors is contributing to a balance between housing demand and the supply of homes for sale.”
“While homebuyers now face less competition for the homes available for sale,” added Muir, “competition among home sellers means curb appeal, interior condition and prudent pricing are necessary for faster sale.”
In the first four months of the year, MLS® residential sales volume in the province fell 1.8% to $13.2 billion compared to the same period in 2007. Residential unit sales declined 13% to 27,730 units, while the average MLS® residential price increased 13% to $474,993. 
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