Hi Everyone!
The trend continues: increasing supply and softening demand. The number of sales transacted in May was up 9.8% compared to April, however it was down 35.1% when compared to May 2017. Of course last May was much busier than average, but May 2018 was 19.3% below the 10 year average for the month.
“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.”
While supply is creeping up, offering buyers more selection, it is still 17.2% below the 10 year average for May. This would explain that despite softening demand, the composite benchmark price for all residential property types in Metro Vancouver is 11.5% higher when compared to May 2017.
With the slowing market, prices have stopped their stratospheric trajectory we have become accustomed to these last three years.
“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.”
For Vancouver, here is the snapshot:
*Month's Supply Key:
Seller's Market = 1-5 months
Balanced Market = 5-7 months
Buyer's Market = Over 7 months
Source of data: Real Estate Board of Greater Vancouver
Seller's Market = 1-5 months
Balanced Market = 5-7 months
Buyer's Market = Over 7 months
Source of data: Real Estate Board of Greater Vancouver
Come join me on social media or visit my webpage:
Instagram: kim.c.parish
Twitter: @kimparish73
Facebook: www.facebook.com/KimParishMacRealty
Web: www.kimparish.com
A large part of my business comes from referrals, so if you or someone you know is interested in buying and/or selling, please pass along my contact information and I would be happy to speak with them about how I can help.
Twitter: @kimparish73
Facebook: www.facebook.com/KimParishMacRealty
Web: www.kimparish.com
A large part of my business comes from referrals, so if you or someone you know is interested in buying and/or selling, please pass along my contact information and I would be happy to speak with them about how I can help.
Warm regards,
Kim
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.