Real Estate Trends - May 2015 Update

(July 28, 2015 , posted in Real Estate Trends)

The end of the second quarter continues to be a seller’s market as the sales to active listing ratio sits at 32.9%.

4,056 property sales were processed in May 2015. This was the third consecutive month to pass the 4,000 mark. In the Board’s history, this has only occurred once before. The sales last month show an increase of 23.4% compared to the same time last year and an increase of 16.7% above the 10 year sales average for May.

There were 5,641 new listings posted in May 2015. This brought the total number of listings on MLS® to 12,336, which is still below what is typical of this time of year. This is a 23.2% decline compared to May 2014.

The MLS® Home Price Index composite benchmark for residential properties in Greater Vancouver is currently $684,400. This shows a 9.4% increase over the last 12 months. Specifically, detached homes rose 14.1% to $1,104,900, attached properties increased 6.4% to $501.000 and condos rose 4.6% to $396.900.

There were 5,131 detached properties listed for sale and 1,741 sold in May 2015. The average sale price per unit was $1,412,449.

There were 1,477 attached properties listed for sale and 624 sold in May 2015. The average sale price per unit was $578,124.

There were 6,023 apartments listed for sale and 1,606 sold in May 2015. The average sale price per unit was $476,402.

May 2015 shows the continuing upward pressure on home prices.