The Metro Vancouver housing market saw steady home sale and listing activity in May, a shift back from the record-breaking activity seen in the earlier spring months.
The Real Estate Board of Greater Vancouver saw residential homes sales total 4,268 for May 2021 which is a 187.4% increase from this time last year (1,485) and a 13% decrease from April 2021 (4,908). Last month's sales were 27.7% above the 10-year May sales average.
Newly listed properties in May for Metro Vancouver reached 7,125 for all property types. This equates to a 10.2% decrease from April 2021 (7,938) and a 93.4% increase compared to May 2020 (3,684).
Analysts generally agree that downward pressure on home prices occur when the sales-to-active ratio dips below 12% which is referred to as a Buyer’s Market, whereas home prices experience upward pressure when it goes beyond 20%, also referred to as a Seller’s Market. A Balanced Market is between the two. Metro Vancouver saw an increase in the combined sales-to-active ratio from last month keeping us in a Seller's Market.
Broken down by property type, the sales-to-active ratio for April is 29.8% for detached homes, 53.8% for townhouses, and 43.5% for condos. This means that townhouses are in a Seller's Market, condos are in a Seller's Market as well and the detached sector is still in a Seller's Market.
The Real Estate Board of Greater Vancouver reports that the composite benchmark price is currently above $1 million at $1,172,800. This represents a 1.5% increase over April 2021.
The total sales for May 2021 were 4,279. This works out to 1,430 detached homes with a benchmark price of $1,800,600, 800 townhouses with a benchmark price of $936,300 and 2,049 apartments with a benchmark price of $737,100.
Ready to jump into the market? Whether you’re looking to buy, sell, or learn more about what this means for you, reach out to us today!