Greater Vancouver Housing Market Update for May 2015
Summary: We continue to see strong competition for homes that are priced right for today’s market, particularly in the detached home market. This competition continues to put upward pressure on home prices. Greater Vancouver total home sales surpass 4000 for the third consecutive month. Last month's sales were 16.7% above the 10-year sales average for the month. The benchmark price for all residential property is currently $684,400, up 9.4% compared to May 2014.
Housing Market Condition: Housing market condition and pricing can vary depending on area and property type so please consult me for your area of interest. Generally analysts say that a buyer’s market condition occurs when the sales ratio is 12% or less. Balanced market occurs when the ratio is between 13% and 20%. Seller’s market occurs when the ratio is 21% or more.
- All Properties: Seller's market with a sales ratio of 32.9%.
- Detached House: Seller's market with a sales ratio of 34.6%.
- Townhouse: Seller's market with a sales ratio of 43.4%.
- Apartment: Seller's market with a sales ratio of 27.2%.
- Total 4,056 residential sales in May 2015.
- 2.9% decrease compared to April 2015.
- 23.4% increase compared to May 2014.
- Total 5,641 residential new listings in May 2015.
- 4.6% decrease compared to April 2015.
- 5% decrease compared to May 2014.
Total Number of Listings
- Total 12,336 residential listings on the MLS® in May 2015.
- 0.8% decrease compared to April 2015.
- 23.2% decrease compared to May 2014.
Home Benchmark Price: Home benchmark price represents estimated sale price of a benchmark property. Benchmark property represents a typical property within each market.
- Detached House: Benchmark price increase 14.1% from May 2014 to $1,104,900.
- Townhouse: Benchmark price increase 6.4% from May 2014 to $501,000.
- Apartment: Benchmark price increase 4.6% from May 2014 to $396,900.
Average Days on Market
- Detached House: May 2015, 38 days. May 2014, 48 days. May 2013, 52 days.
- Townhouse: May 2015, 34 days. May 2014, 43 days. May 2013, 56 days.
- Apartment: May 2015, 42 days. May 2014, 46 days, May 2013, 54 days.