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Housing Supply Increases In Vancouver’s Real Estate Market – May 2018

Last month residential property sales were down 35.1% from May 2017; 2,833 sold compared to the 4,364 on record from May 2017. While it is a 9.8% increase from April 2018, total sales were still 19.3% below the 1–year May sales average for Metro Vancouver’s real estate housing market.

“With fewer homes selling today compared to recent years, the number of homes available for sale is rising,” said REBGV president Phil Moore. “The selection of homes for sale in Metro Vancouver has risen to the highest levels we’ve seen in the last two years, yet supply is still below our long-term historical averages.”

Read on for the market breakdown.

Vancouver’s Real Estate Market for May by the Numbers:

Total Homes Listed for Sale (detached, attached, and apartment): 11,292
38.2% increase from May 2017
15% increase from April 2018

New Property Listings (detached, attached, and apartment): 6,375
5.5% increase from May 2017
9.5% increase from April 2018

Sales-to-Active Listings Ratio: 25.1%
Detached: 14.7%
Townhomes: 30.8%
Apartments: 41.7%

Benchmark price for all properties is $1,094,000
11.5% increase from May 2017
0.2% increase from April 2018

Benchmark price for a detached property is $1,608,000
2.4% increase from May 2017
0.1% increase from April 2018

Detached property sales totaled 926
40.2% decrease from May 2017

Benchmark price for an apartment property is $701,700
20.2% increase from May 2017
0.1% increase from April 2018

Apartment property sales totaled 1,431
29.3% decrease from May 2017

Benchmark price for an attached unit is $859,500
16% increase from May 2017
0.6% increase from April 2018

Attached property sales totaled 476
39.8% decrease from May 2017

If you’re interested in seeing the complete breakdown, visit rebgv.org for all of the detailed comparisons.

Moore also stated the importance of competitive pricing when listing a home on the Vancouver market to content with the shifting dynamics. Working closely with a Realtor who knows the market can help you with this process and succeed in the changing conditions. Call us for a consultation today!

Read up on our tips for increasing your home’s curb appeal, and how to stage for success in the market.

*REBGV Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.

The post Housing Supply Increases In Vancouver’s Real Estate Market – May 2018 appeared first on Team Kerr.

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