Monthly Metro Vancouver home sales eclipsed 2,000 for the first time this year in May, although home buyer demand remains below historical averages.
The Real Estate Board of Greater Vancouver reports that residential home sales in the region totalled 2,638 in May 2019, a 6.9% decrease from the 2,833 sales recorded in May 2018, and a 44.2% increase from the 1,829 homes sold in April 2019.
Last month’s sales were 22.9% below the 10-year May sales average and was the lowest total for the month since 2000.
There were 5,861 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver last month. This represents an 8.1% decrease compared to the 6,375 homes listed in May 2018 and a 2.1% increase compared to April 2019 when 5,742 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 14,685, a 30% increase compared to May 2018 (11,292) and a 2.3% increase compared to April 2019 (14,357). This is the highest number of homes listed for sale since September 2014 (14,832).
For all property types, the sales-to-active listings ratio for May 2019 is 18%. By property type, the ratio is 14.2% for detached homes, 20% for townhomes, and 21.2% for apartments.
The MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver is currently $1,006,400. This represents an 8.9% decrease over May 2018, a 3.4% decrease over the past six months, and a 0.4% decrease compared to April 2019.
Sales of detached homes in May 2019 reached 913, a 1.4% decrease from the 926 detached sales recorded in May 2018. The benchmark price for a detached home in the region is $1,421,900. This represents an 11.5% decrease from May 2018, a 5.4% decrease over the past six months, and a 0.5% decrease compared to April 2019.
Sales of apartment homes reached 1,246 in May 2019, a 12.9% decrease compared to the 1,431 sales in May 2018. The benchmark price of an apartment property is $664,200. This represents a 7.3% decrease from May 2018, a 2% decrease over the past six months, and a 0.5% decrease compared to April 2019.
Attached home sales in May 2019 totalled 479, a 0.6% increase compared to the 476 sales in May 2018. The benchmark price of an attached unit is $779,400. This represents a 7.6% decrease from May 2018, a 3.5% decrease over the past 6 months, and a 06% increase compared to April 2019.
Source: Craig Munn, Manager Communication, REBGV