The Real Estate Board of Greater Vancouver released their May numbers, which show no signs of slowing. Though they’re still being outpaced by home buyer demand, 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.
There were 4,769 residential property sales listed on MLS®, a 17.6% increase from May 2015 and only a marginal 0.3% decline from April this year. REBGV president 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 result: more record-breaking numbers.
May 2016 By The Numbers:
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
For a complete comparison, visit rebgv.org. Want to sell, buy, or require a consultation? Contact me 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.