Vancouver Real Estate Market Update
May 2013 brought even more stability to the Greater Vancouver Real Estate Market. While the number of sales continued a trend below the 10 year average, the number of sales for May 2013 is the highest since June 2011. We continue to have an increase in sales month over month for 2013. Strong and stable market conditions are indicated by this increase in sales and a 3.7% decline in the total number of listings from April 2013 and an 18% percent decline from May 2012. In fact, we have moved from a 13 month supply of listings in September 2012 to just 6 month supply as of June 10th, 2013. Certain pockets of Vancouver are witnessing a seller’s market. It is important to follow this note by stating that prices are not increasing but certain buyers need to be ready if they find that right property/home.
The following summaries discuss Vancouver’s market by area:
Vancouver West Detached
The Vancouver West housing market is very active. There was a 30% increase in the number of sales in May 2013 from April 2013. More importantly, the total number of listings did not increase, in fact it remains unchanged as well as the average price. The most active area of the market was in the 1.5 million to 2 million price range and healthy activity right up to the 4 million price point.
Vancouver West Attached
May was a busy month for the Vancouver West attached market. There was a 27% increase in the total number of sales for May 2013 from the previous month. The total number of listings remains relatively unchanged from April. With the increase in sales and the number of listings not increasing we are witnessing multiple offer situations in the $400 to $700 thousand price range. The strongest activity is in the $300 to $500 thousand price range.
Vancouver East Detached
The Vancouver East detached market was very active n May 2103. There was a 20% increase in the number of sales from the previous month of April. The total number of listings remains unchanged and there has been some minor upward price increases in the Main, Fraser and Commercial sub areas. The majority of the activity is taking place between $700 to $975 thousand price range.
Vancouver East Attached
The Vancouver East attached market had a 60% increase in the total number of sales for May 2013 from the previous month of April. The total number of listings remains unchanged and we are witnessing very good activity right up to the $475 thousand price point.
The Greater Vancouver real estate market remains balanced with strong activity in all neighbourhoods. With the number of sales increasing each month since June of 2012 we are moving into our summer months with positive consumer confidence and stable property values.
Market conditions vary by location, type and style of property. For more specific information please call or email me.
Charts
The charts below show price range activity for houses (detached) and condos/townhouses (attached)
