Greater Vancouver Real Estate Update – May 2013
More balanced indicators for Greater Vancouver Real Estate
We continue to see the number of home sales in Greater Vancouver trend below the 10 year average, however during May 2013 we see a more balanced market in terms of the number of listings vs number of sales. Pointing to more stability for our spring market.
During the month of May 2,882 properties changed hands on the Greater Vancouver Multiple Listing Service (MLS). Compared to a year ago, this is a 1% increase, and when we look back one month to April 2013 we see a 9.7% increase.
When comparing to the 10 year average, we see that sales are sitting 19.4% down on the monthly average. New listings are down 7.4% for the 10 year average for May 2013.
“We’ve seen some steadying trends over the last three months,” Sandra Wyant, REBGV president said. “The number of homes listed for sale has been keeping pace with the number of property sales, leading to a balanced sales-to-listings ratio. This is having a stabilizing influence on home price activity.”
The number of new listings for all properties reached 5,656 during May. This is a 18.3% decline year over year from May 2012, and 3.7% down on April 2013 where 5,876 listings were posted up on the MLS.
Total number of listings in Greater Vancouver is 17,222 which is a 3.4% decline compared to this time last year but an increase of 2.9% from April 2013.
Sales-to-active-listings ratio which we discussed in more detail here, is sitting at 17%, the third straight month that it’s been above 15%.
Detached Properties in Vancouver
We saw 1,212 sales in May 2013, which represents a 2.7% increase from the 1,180 detached sales recorded during May 2012, and a 22.8% decrease from the 1,570 units sold during May 2011.
The benchmark price for detached properties decreased 5.2 per cent from May 2012 to $917,200.
Apartment Sales in Vancouver
During the month of May 2013, sales of apartment properties reached 1,136. This was a decline of 1.7% compared to the 1,156 sales in May 2012, and a decrease of 7.5% compared to the 1,228 sales in May 2011.
The benchmark price of an apartment property decreased 3.7 per cent from May 2012 to $365,600.
Attached properties in Vancouver
Sales for May 2013 for attached properties totalled 534, increasing 3.3% per cent compared to the 517 sales in May 2012, and a 7.8% decrease from the 579 attached properties sold in May 2011.
The benchmark price of an attached unit decreased 3.2 per cent between May 2012 and 2013 to $454,900.
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Adam Chahl +1 778 385 1614