Metro Vancouver Home Sales Surpass 4,000 for 3rd Consecutive Month
It continues to be a competitive spring market for Metro Vancouver* home buyers. This competition continues to put upward pressure on home prices, particularly in the detached home market.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 4,056 on the Multiple Listing Service® (MLS®) in May 2015. This represents a 23.4% increase compared to the 3,286 sales recorded in May 2014, and a decrease of 2.9% compared to the 4,179 sales in April 2015.
Last month’s sales were 16.7% above the 10-year sales average for the month.
“We continue to see strong competition for homes that are priced right for today’s market,” Darcy McLeod, REBGV president said. “It’s important to remember that real estate is hyper-local, particularly in a seller’s market. This means that conditions and prices vary depending on property type, neighborhood, and other factors."
New listings for Detached, Attached and Apartment properties in Metro Vancouver totaled 5,641 in May 2015. This represents a 5% decrease compared to the 5,936 new listings reported in May 2014.
The total number of properties currently listed for sale on the region’s MLS® is 12,336, a 23.2% decline compared to May 2014 and a 0.8% decline compared to April 2015.
“While the supply of homes for sale remains below what’s typical for this time of year, our region continues to offer a diverse selection of housing options at different price points,” McLeod said. “This diversity within the housing stock is part of what’s driving today’s home sale activity.”
The MLS® Home Price Index Composite Benchmark Price for all residential properties in Metro Vancouver is currently $684,400. This represents a 9.4% increase compared to May 2014.
The Sales-to-Active-Listings ratio in May was 32.9%. This is the highest that this ratio has been in Metro Vancouver since June 2007.
Sales of Detached Properties in May 2015 reached 1,723, an increase of 18.6% from the 1,453 Detached sales recorded in May 2014, and a 42.2% increase from the 1,212 units sold in May 2013. The Benchmark Price for a Detached Property in Metro Vancouver increased 14.1% from May 2014 to $1,104,900.
Sales of Apartment Properties reached 1,600 in May 2015, an increase of 24.4% compared to the 1,286 sales in May 2014, and an increase of 40.8% compared to the 1,136 sales in May 2013. The Benchmark Price of an Apartment Property increased 4.6% from May 2014 to $396,900.
Attached Property sales in May 2015 totaled 733, an increase of 34% compared to the 547 sales in May 2014, and a 37.3% increase from the 534 attached properties sold in May 2013. The Benchmark Price of an Attached unit increased 6.4% between May 2014 and 2015 to $501,000.
*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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