VANCOUVER, B.C. – June 3, 2014 – An increase in home buyer demand put Greater Vancouver in the upper reaches of a balanced real estate market in May.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,286 on the Multiple Listing Service® (MLS®) in May 2014. This represents a 14 percent increase compared to the 2,882 sales recorded in May 2013, and a 7.7 percent increase compared to the 3,050 sales in April 2014.
Last month’s sales were 6.5 percent below the 10-year sales average for May of 3,514.
The sales-to-active-listings ratio currently sits at 20.4 percent in Greater Vancouver, which is the first time that this measure has been above 20 percent since June 2011.
“Our MLS® statistics tell us that there’s more home buyer demand today than at any point over the last three years,” Ray Harris, REBGV president said. “With sales surpassing the 3,000 mark in May and our sales-to-active-listing ratio exceeding 20 percent, this is the most active marketplace we’ve seen since the spring of 2011,”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,936 in May. This represents a 5 percent increase compared to the 5,656 new listings in May 2013 and a 0.2 percent decline from the 5,950 new listings in April. Last month’s new listing count was 2 percent below the region’s 10-year new listing average for the month.
The total number of properties currently listed for sale on the MLS® system in Greater Vancouver is 16,072, a 6.7 percent decline compared to May 2013 and a 3.6 percent increase compared to April 2014.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $624,000. This represents a 4.3 percent increase compared to May 2013.
“Home prices have experienced consistent yet modest increases in our region since the beginning of 2013,” Harris said.
Sales of detached properties in May 2014 reached 1,453, an increase of 19.9 percent from the 1,212 detached sales recorded in May 2013, and a 23.1 percent increase from the 1,180 units sold in May 2012. The benchmark price for detached properties increased 5.4 percent from May 2013 to $966,500.
Sales of apartment properties reached 1,286 in May 2014, an increase of 13.2 percent compared to the 1,136 sales in May 2013, and an 11.2 percent increase compared to the 1,156 sales in May 2012. The benchmark price of an apartment property increased 3.2 percent from May 2013 to $377,500.
Attached property sales in May 2014 totalled 547, a 2.4 percent increase compared to the 534 sales in May 2013, and a 5.8 percent increase over the 517 attached properties sold in May 2012. The benchmark price of an attached unit increased 3.1 percent between May 2013 and 2014 to $469,100.
Here is a question I almost always get when listing a home for sale. The home owner asks if they really do need a For Sale sign or can they list with NO sign.
Homeowners get concerned thinking that their neighbours will find out there home is for sale or wonder why they are selling. I do agree, selling your home can and is typically an emotional process but as a homeowner it’s always to your advantage to maximize your exposure. Who cares what the neighbours think. Look out for your best interest.
There are also a group of Buyers who I classify as “non-active buyers” not looking online for new property listings. Instead, this group of individuals would only look to buy if the right property came on the market. This is where having a For Sale sign is to your advantage. In my 20 plus years of selling Vancouver homes I cannot even count how many times I have sold a home from the Real Estate Sign. I know it’s in the hundreds.
A potential ( non-active ) buyer is driving or walking along a street and notices a For Sale sign right in front of a home they have always wanted to own. As soon as they see the sign they immediately call the realtor. Without a For Sale sign you potentially lose this buyer.
If you want to sell for the best possible price, make sure you place a For Sale sign in front of your home!
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.