Spring ushers in calmer housing market trends in Metro Vancouver.
The Real Estate Board of Greater Vancouver saw residential homes sales total 2,918 for May 2022 which is a 31.6% decrease from this time last year (4,268) and a 9.7% decrease from the 3,232 homes sold in April 2022. Last month's sales were 12.9% below the 10-year May sales average.
Newly listed properties in May for Metro Vancouver reached 6,377 for all property types. This equates to a 4.4% increase from April 2022 (6,107) and a 10.5% decrease compared to May 2021 (7,125).
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 2022 is 25.3% for detached homes, 47.1% for townhouses, and 45% for condos. This means that townhouses are in a high 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 $1,261,100 this represents a 14.7% increase over May 2021.
The total sales for May 2022 were 2,918. This works out to 793 detached homes with a benchmark price of $2,093,600, 520 townhouses with a benchmark price of $1,141,200 and 1,605 apartments with a benchmark price of $779,700.
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!
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