Market Update - May 2014

(June 10, 2014 )

Home buyer demand increases across Greater Vancouver housing market

The increase in home buyer demand puts Greater Vancouver in the upper reaches of a balanced real estate market in May.

The Real Estate Board of Grater Vancouver reports that residential property sales are up 14% compared to May 2013.

Last months sales were 6.5% below the 10 year average for May.

The sales-to-active listings ratio currently sits at 20.4% in Greater Vancouver, which is the 1st time that this measure has been above 20% since June 2011.

Our MLS statistics tell us that there's more home buyer demand than the previous 3years.  The sales surpassed the 3000 mark in May and our sales-to-active listings ratio exceeded 20%.  This is the most active market place since 2011.

New listings for detached, attached and apartment properties in Greater Vancouver increased 5% over May 2013.

The total number of properties listed for sale on the MLS in Greater Vancouver is a 6.7% decline compared to May 2013 and 3.6% increase compared to April 2014.

Home prices have experienced consistent yet modest increases in our region since the beginning of 2013.  The benchmark price for ALL residential properties in Greater Vancouver is currently $624,000.  This is up 4.3% over May 2013.

Sales of detached properties in May 2014 increased 19.9% compared to May 2013.  The benchmark price for detached homes is $966,500.
Sales of apartment properties increased 13.2% compared to May 2013.  The benchmark price for apartments increased to $377,500 over May 2013.
Sales of town homes in May 2014 increased 2.4% over May 2013 & up 5.8% over May 2012.  The benchmark price for town homes increased to $469,100 in Greater Vancouver that's up 3.1% over May 2014.

NORTH VANCOUVER STATS

Detached Home Benchmark Price $994,400
1 year change +4.5%
3 year change +8.9%
5 year change+29.2%

Town Home Benchmark Price $602,900
1 year change +3.8%
3 year change +4.1%
5 year change +16.3%

Apartment Benchmark Price $353,700
1 year change +0.4%
3 year change +1.1%
5 year change 13.6%

WEST VANCOUVER STATS

Detached Home Benchmark Price $2,009,200
1 year change +4.5%
3 year change +8.9%
5 year change +29.2%

Apartment Benchmark Price $585,900
1 year change -3.5%
3 year change -6.0%
5 year change +3.4%