Having a look at May 2013, we saw a healthy spring real estate market, with good balance between supply and demand across the Greater Vancouver area. These conditions have continued to have a steadying affect on median sales prices.
“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 Real Estate Board of Greater Vancouver reported that residential property sales in Greater Vancouver reached 2,882 on the Multiple Listings Service (MLS) in May 2013. This is a 1% increase over May 2012, and a 9.7% increase over April 2013.
While overall sales volume is still below the 10 year average, the detached housing segments on both the east and west sides, along with attached properties on the west side saw their highest volumes since June 2011. With fewer new listings coming onto the market, all segments finished the month on the cusp of a Sellers/Balanced market, bar east side detached and attached homes, which pushed further into Seller's market territory. West side attached properties are not far behind.
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