Sales in the Greater Vancouver board area jumped in May, increasing by 23% month-over-month, returning to near record levels. The average April-May increase in sales was 5% over the past decade. Total sales in May 2017 (4,382) are only 8% below last year’s May count, and are 24% above the long-run May average. Condo sales are leading the way, up 41% versus the May long-run average, followed by townhouse sales (up 29%) and detached sales (up 5%).
Sellers’ market conditions prevail across each of the product types, lead by a 93% sales-to-listings ratio for condos, followed by 85% for townhouses and 30% for detached homes
“Demand for condominiums and townhomes is driving today’s activity,” Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president said. “First-time buyers and people looking to downsize from their single-family homes are both competing for these two types of housing.” This, of course, has made it increasingly difficult for purchasers.
It is also interesting to note that, across the areas in the Greater Vancouver board area that we track in this report, only West Vancouver was not characterized as a sellers’ market, sitting instead at the high end of a balanced market with a sales-to-listing ratio of 19%.
On a personal note, we want to reiterate that each buyer and seller have very different needs and wants, but we are happy to meet with you, listen to hear about your goals, your criteria or just visit one-on-one to chat about the market.