MARKET UPDATE- MAY 2019
May sees modest increase in home sales
Home sales in Greater Vancouver eclipsed 2,000 for the first time this year in May.
Total home sales in the residential sector for May 2019 totalled 2,638, representing a 6.9% decrease from sales recorded in May 2018 with 2,833 homes sold. Sales however increased 44.2% over last month. Last month’s sales were the lowest total for the month since 2000.
Ashley Smith, REBGV president states, “high home prices and mortgage qualification issues caused by the federal government’s B20 stress test remain significant factors behind the reduced demand that the market is experiencing today.”
MLS or Multiple Listing Service recorded 5,861 newly listed homes comprising of the detached, apartment, and attached residences. This reflects a decrease of 8,1% compared to homes listed in May 2018 and a 2.1% increase in comparison to the 5,742 newly listed homes in April 2019.
MLS current listings are 14,685 or 30% higher than May 2018, whereby listings totalled 11,292. In comparison to April 2019, MLS recorded an increase of 2.3%.
“Whether you’re a buyer looking to make an offer or a seller looking to list your home, getting your pricing right is the key in today’s market,” Smith said. “To be competitive, it’s important to work with your local REALTOR® to assess and understand the latest trends in your neighbourhood and property type of choice.”
The sales to activity ratio in May 2019 was 14.2% for detached, 20% for attached (townhouse) and 21.2% for condos. Overall, across all property types, the sales to activity listing ratio were 18%.
Metro Vancouver benchmark price for all residential homes currently sits at $1,006,400 as indicated by the MLS Home Price Index composite. That is an 8.9% decrease over May of 2018 and a 0.4% drop compared to April 2019.
May 2019 saw detached housing decrease 1.4% (913) from May 2018 (926). Currently, the detached home benchmark sits at $1,421,900 an 11.5% decrease from May 2018 stats and 0.5% drop compared to April 2019.
The benchmark price for apartments is currently $664,200. This represents a 7.3% decrease from May 2018 and a 0.5% decrease compared to April 2019.
Lastly, Townhomes or attached homes, sales totals for May were 479 showing a 0.6% increase compared to May 2018 where 476 sales were recorded. The attached home benchmark price currently sits at $779,400 a 7.6% decrease in comparison to May 2018 and a 0.6% increase compared to April 2019.
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