This May not only brought Vancouver hot, summer-like weather, but it also continued to change Vancouver’s real estate market seeing slight increases in benchmark prices for all property types. Even though fewer homes have been selling compared to recent years, the selection of homes for sale in Metro Vancouver has risen to the highest levels compared to the previous two years.
In May 2018, there were 2,833 total home sales in Vancouver, which was a 31.5 % decrease compared to this time last year. However, compared to April 2018 we are still seeing home sales on the rise with a 9.8% increase.
With a slight increase in sales, there was also an increase in benchmark sale prices with the composite benchmark price currently sitting at $1.094 million which is an 11.5 % increase compared to May 2017, and a 0.2% increase compared to last month. For detached homes, the benchmark price is $1,608,000 which is a 0.1 % increase compared to last month. Attached homes are sitting at $859,500 which is up 0.6% from last month, and the benchmark price for apartments is currently $701,700, which is up 0.1% compared to April 2018.
The Sales to Active ratio for all property types for May 2018 is currently sitting at 25.1%. Detached homes are currently seeing a ratio of 14.7%, townhomes are sitting at 30.8%, and a ratio of 41.7% for condominiums. With these statistics, we are definitely in a seller’s market when it comes to townhomes and condos. When it comes to the detached market, it is currently balanced but close to becoming a seller’s market.
Ready to jump into the market? Whether you are looking to buy, sell, or learn more about the market changes, reach out to our team today! We’ll help you make the right move!