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VANCOUVER, B.C. – June 3, 2014 – An increase in home buyer demand put Greater Vancouver in the upper reaches of a balanced real estate market in May.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,286 on the Multiple Listing Service® (MLS®) in May 2014. This represents a 14 percent increase compared to the 2,882 sales recorded in May 2013, and a 7.7 percent increase compared to the 3,050 sales in April 2014.

Last month’s sales were 6.5 percent below the 10-year sales average for May of 3,514.

The sales-to-active-listings ratio currently sits at 20.4 percent in Greater Vancouver, which is the first time that this measure has been above 20 percent since June 2011.

“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 percent, this is the most active marketplace we’ve seen since the spring of 2011,”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,936 in May. This represents a 5 percent increase compared to the 5,656 new listings in May 2013 and a 0.2 percent decline from the 5,950 new listings in April. Last month’s new listing count was 2 percent below the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the MLS® system in Greater Vancouver is 16,072, a 6.7 percent decline compared to May 2013 and a 3.6 percent increase compared to April 2014.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $624,000. This represents a 4.3 percent increase compared to May 2013.

“Home prices have experienced consistent yet modest increases in our region since the beginning of 2013,” Harris said.

Sales of detached properties in May 2014 reached 1,453, an increase of 19.9 percent from the 1,212 detached sales recorded in May 2013, and a 23.1 percent increase from the 1,180 units sold in May 2012. The benchmark price for detached properties increased 5.4 percent from May 2013 to $966,500.

Sales of apartment properties reached 1,286 in May 2014, an increase of 13.2 percent compared to the 1,136 sales in May 2013, and an 11.2 percent increase compared to the 1,156 sales in May 2012. The benchmark price of an apartment property increased 3.2 percent from May 2013 to $377,500.

Attached property sales in May 2014 totalled 547, a 2.4 percent increase compared to the 534 sales in May 2013, and a 5.8 percent increase over the 517 attached properties sold in May 2012. The benchmark price of an attached unit increased 3.1 percent between May 2013 and 2014 to $469,100.

 

 

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