Metro Vancouver Home Sales Surpass 4,000 For The Third Consecutive Month
It continues to be a competitive spring market for Metro Vancouver Home buyers; the competition continues to put upward pressure on home prices - specifically - detached homes. It's important to know that the real estate is hyper local, particularly in a sellers market, meaning conditions, prices vary depending on property type & neighborhood.
Property sales in Metro Vancouver reached 4056 representing a 23.4% increase over last year.
The sales-to-active-listings ratio in May was 32.9% the highest ratio since 2007. Anaylst say that upward pressure on home prices occur when the sales-to-active-listings ratio reaches 22% or more for a sustained period of time. Downward pressure on home prices occurs when the sales-to-active-listings ratio when that number is 12% or less.
New listings including detached, town homes and condo's totaled 5641 - this is a 5% decrease compared to last year. Supply is down and sales are up, this is what is dictating our Sellers market.
NORTH VANCOUVER
Detached Homes Benchmark $1,167,800
1 yr change+17.2%
3 yr change+18.6%
5 yr change+29.3%
Town homes Benchmark $633,400
1 yr change+5.1%
3 yr change+5.2%
5 yr change+5.9%
Apartments Benchmark $$369,800
1 yr change+4.9%
3 yr change+5.3%
5 yr change+5.5%
WEST VANCOUVER
Detached Homes Benchmark $2,291,000
1 yr change+13.7%
3 yr change+17.5%
5 yr change+48.7%
Apartments Benchmark $619,300
1 yr change+5.7%
3 yr change-4.7%
5 yr change-3.1%