MAY 2014 Real Estate Update

(May 30, 2014 )

Spring Buyers and sellers emerge in the Greater Vancouver housing market

Vancouver, B.C- May 2, 2014- Home buyers and sellers became more active in the Greater Vancouver housing market in April.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,050 on the (MLS) in April 2014. This represents a 16.1 per cent increase compared in April 2013.

Last month's sales were 5.2 per cent below the 17.30-year sales average for April of 3,217.

The sales-to-active-listings ratio currently sits at 19.7 per cent in Greater Vancouver, which is the highest this measure has been since June 2011.

We saw steady increases in home seller and buyer activity in April, which is typically the case in the spring months. People often look to buy or sell their home this year as the school year draws to a close and the summer holiday season is still a few months away.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,950 in April. A whopping increase of 1.3 percent in April of 2013. The total number of properties currently listed for sale on the MLS system in Greater Vancouver is 15,515, a 7.3 per cent decline compared to April 2013. 'Home prices in the region continue to show steady, yet modest, increase when compared to last year.'

Sales of detached properties in April 2014 reached 1,336, and increase or 25.6 per cent from the 1,064 detached sales recorded in April 2013.

Sales of apartment properties reached 1,172 in April 2014, An increase of 11.4 per cent compared to the 1,052 sales in April 2013, and a 1.5 per cent decline.

Attached property sales in April 2014 totalled 542, a 6.1 per cent increase compared to the 511 sales in April 2013.

The sales to active listings ratio currently sits at 19.7 per cent in Greater Vancouver, which is the highest this measure has been since June 2011.

HERE ARE NORTH VANCOUVER AND WEST VANCOUVER STATS

North Vancouver

Detached Benchmark Price: $981,800
1 yr change: 4.5%
3 yr change: 9.5%
5 yr change: 29.9%

Townhouse Benchmark Price: $600,000
1 yr change: 2.6%
3 yr change: 4.5%
5 yr change: 17.1%

Apartment Benchmark Price: $352,700
1 yr change: 1.8%
3yr change:-1.0%
5yr change: 15.4%

West Vancouver

Detached Benchmark Price: 1,972,400
1yr change:7.4%
3yr change:18%
5yr change:57.2%

Apartment Benchmark Price: $590,000
1 yr change:-0.5%
3 yr change:-8.0%
5 yr change: 5.0%