The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,833 in May 2018, a 35.1 percent decrease from last May's unprecedented activity. Despite this year's quieter sales, however, home prices continue to rise.
While sales of detached properties decreased 40.2 percent from one year prior, the benchmark price in May 2018 came in at $1,608,000, reflecting a 2.4 percent increase over May 2017, while sales of apartment properties decreased 29.3 percent as the benchmark price jumped by 20.2 percent to $701,700. Attached home sales in May 2018 dropped almost 40 percent, yet the benchmark price rose to $859,500, a 16 percent increase from May 2017.
"With fewer homes selling today compared to recent years, the number of homes available for sale is rising," Phil Moore, REBGV president said. "The selection of homes for sale in Metro Vancouver has risen to the highest levels we've seen in the last two years, yet supply is still below our long-term historical averages."
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 11,292, a 38.2 percent increase compared to May 2017 (8,168).
"For home sellers to be successful in today's market, it's important to price your property competitively given the shifting dynamics we're experiencing," Moore said. "It's also important to work with your local Realtor to better understand these changing conditions."
No matter what style of home you're interested in, whether to buy or sell, you'll want to find out the latest prices and local market activity. Please call for your no-obligation update today!