Hi Everyone,
Looking back at the Greater Vancouver real estate market for May 2014, we saw some very healthy activity. Total sales were up 14% compared to May 2013 and up 7% compared to April 2014.
“Our MLS® statistics tell us that there’s more home buyer demand today than at any point over the last three years,” Ray Harris, REBGV president said. “With sales surpassing the 3,000 mark in May and our sales-to-active-listing ratio exceeding 20%, this is the most active marketplace we’ve seen since the spring of 2011.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $624,000. This represents a 4.3% increase compared to May 2013.
“Home prices have experienced consistent yet modest increases in our region since the beginning of 2013,” Harris said.
Looking specifically at the city of Vancouver, the East Van market is sitting in a very strong Seller's market across all of the market segments. Detached homes finished the month with just 2.9 months supply of inventory, with townhouses at 3.3 and apartments at 3.6. We are seeing many properties sell over asking price with multiple offers.
When we compare May 2014 to May 2013, total inventory is down and median sales prices are up:
Detached homes:
-Total inventory down 24.2%
-Median sales price up 4.5% to $950,000
Townhouses/Duplexes:
-Total inventory down 23%
-Median sales price up 17.4% to $634,064
Apartments:
-Total inventory down 13.2%
-Median sales price up 7% to $359,400
The west side of Vancouver has been enjoying a healthy spring market as well, with all market segments finishing in a Seller's market, although not as strong as East Van. Detached homes finished the month with 4.4 months supply of inventory, while townhouses and apartments finished with 4.3 and 4.7 respectively.
When we compare May 2014 to May 2013, total inventory is down and median sales prices are up:
Detached homes:
-Total inventory down 9.3%
-Median sales price up 9.3% to $2,295,125
Townhouses/Duplexes:
-Total inventory down 10.2%
-Median sales price down 0.9% to $788,000
Apartments:
-Total inventory down 4.4%
-Median sales price up 5.7% to $489,500
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If you or someone you know has questions about the market or is thinking of buying or selling, let's chat! I can be reached at: kim@kimmcalpine.com or on: 778 317 9909.
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