While the increase of new listings increased the most in the detached home segment of the market last month, it’s demand in the condominium and townhome that’s truly driving current activity. Here is your REBGV update for May.
“First-time buyers and people looking to downsize from their single-family homes are both competing for these two types of housing,” says Real Estate Board of Greater Vancouver president, Jill Oudil. She went on to say “While sales are inching closer to the record-breaking pace of 2016, the market itself looks different. Sales last year were driven by demand for single-family homes. This year, it’s clear that townhomes and condominiums are leading the way.”
In fact, sales in the Vancouver market have improved greatly over the past few months; last month’s sales were 23.7% above the 10-year average for May, making it the third highest selling May on record.
New Listings (detached, attached, and apartment): 6,044
3.9% decrease from May 2016
23.2% increase from April 2017
Total Active listings on MLS®: 8,168
5.7% increase from May 2016
4.5% increase from April 2017
Sales-to-Active Listings Ratio: 53.4%
Benchmark price for all residential properties: $967,500
8.8% increase from May 2016
2.8% increase from April 2017
Benchmark price for a detached property is $1,561,000
3.1% increase from May 2016
2.9% increase from April 2017
Detached property sales totaled 1,548
17% decrease from May 2016
Benchmark price for an apartment property is $571,300
17.8% increase from May 2016
3.1% increase from April 2017
Apartment property sales totaled 2,025
5.8% decrease from May 2016
Benchmark price for an attached unit is $715,400
13.1% increase from May 2016
1.9% increase from April 2017
Attached property sales totaled 791
4.9% decrease from May 2016
If you’re interested in seeing the complete breakdown, visit rebgv.org for all of the detailed comparisons. Oudil suggests navigating this seller’s market with savvy advice from your Realtor. Want some advice on how your home fits in? Call us for a consultation today!
You can use this dashboard to help your search for a new property.
The save searches tab will show you all the searches you have saved. A saved search will let you come back to view new property listings with your given search parameters. For example if you are looking for a 2 bedroom apartment in Burnaby you can save that search and quickly check for new listings or even get us to send you an email when new properties are listed.
The saved listings tab will show all your saved listings. If you are interested in a few properties and want to save them to come back to later this gives you quick access to that.