REBGV: May’s Real Estate Market Soars Back Up

  • 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.

    Metro Vancouver’s May 2017 Real Estate Market by the Numbers:

    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%
    Detached: 31%
    Townhomes: 76.1%
    Condominiums: 94.6%

    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!

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