The Seller’s Market Held Strong for May

  • In 2015, an astounding 42,326 homes changed ownership in the Greater Vancouver area, totalling $39 billion in residential sales and generated an estimated 19,000 jobs as well as $2.7 billion in economic spin-off activity. The Real Estate Board of Greater Vancouver’s Dan Morrison attributes sales to our strong economy. “Economic and job growth in Metro Vancouver is out performing most regions in the country. This is helping to underpin today’s activity,” Morrison said.

    The May numbers are more proof that there’s no sign of the market slowing. 4,769 residential property sales were listed on MLS®, a 17.6% increase from May 2015 and only a marginal 0.3% decline from April this year. Buyer demand continues to outpace active listings, though sellers are increasing their activity to the point where sales were 35.3% above the 10-year sales average for the month — the highest sales on record for May.

    The May 2016 At a Glance:

    New Listings (detached, attached, and apartment): 6,289
    11.5% increase from May 2015
    2.6% decrease from April 2016

    Total Active listings on MLS®: 7,726
    37.3% decline from May 2015
    2.3% increase from April 2016

    Sales-to-Active-Listings ratio: 61.7%

    Benchmark price for all residential properties: $889,100
    29.7% increase from May 2015

    Benchmark price for a detached property is $1,513,800
    36.9% increase from May 2015

    Detached property sales totaled 1,865
    8.2% increase from May 2015

    Benchmark price for an apartment property is $485,000
    22.3% increase from May 2015

    Apartment property sales totaled 2,150
    34.4% increase from May 2015

    Benchmark price for an attached unit is $632,400
    24.9% increase from May 2015

    Attached property sales totaled 754
    2.9% increase from May 2015

    If you’re interested in seeing the complete breakdown, visit rebgv.org for all of the detailed comparisons. Want some advice on how your home fits in? Call us for a consultation today!

    *REBGV Editor’s Note: Areas covered by 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, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.

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