Greater Vancouver Housing Market – Current Statistics for May 2014
Here is a quick summary of what happened in the Vancouver real estate market during the month of May. If you would like a complimentary copy of the complete report, including neighborhoods-level sales and price statistics, please give me a call at 778-558-9948 or email me at firstname.lastname@example.org
Bonjour dear Friends!
“Our MLS® statistics tell us that there’s more Home Buyer demand today than at any point over the last three years,” Ray Harris, REBGV president said. “With sales surpassing the 3,000 mark in May and our sales-to-active-listing ratio exceeding 20 per cent, this is the most active marketplace we’ve seen since the spring of 2011.”
Number of Sales: 3,286 or 14% increase compared to 2,882 sales recorded in May 2013. May had 7.7% increase in sales compared to the 3,050 sales in April 2014. Last month’s sales were 6.5% below the 10-year sales average for May of 3,514.
Percent of Original List Price Received at Sales: 97.3%, which is 1.0% higher than May 2013 at 96.3%.
Sales-to-Active-Listings Ratio: 20.2%, a 26.9% increase from last year in May, which is the first time that this measure has been above 20% since June 2011. An upward pressure on price occurs when the sales-to-active-listings ratio is around 20-22% in a particular community for a sustained period of time.
Total Inventory: 16,072, a decline of 6.7% compared to this time last year, and an increase of 3.6% compared to April 2014. This is the fifth consecutive month the inventory figure has increased, which means there is an increasing number of homes available for buyers. There were 5,950 homes listed for sale listing in Greater Vancouver last month, an increase of 1.3% compared to May 2013 and a 12.7% increase compared to April 2014.
Benchmark Price: $624,000, an increase of 4.3% over May 2013. Detached homes prices increased by 5.4% and condos increased by 3.2% over the last year.
Average Days on Market: 47 days vs 54 days in May 2013. If we take a closer look at Downtown, the average days on market was 24 days vs 21 days in April 2014. As you see, the stats vary from market to market and even from neighborhood to neighborhood. Furthermore, a condo tower can reflect different market status vs another tower as each building is a neighborhood in itself. For more information about your neighborhoods-level sales and price statistics, I strongly encourage you to download the latest SnapStats Report.
REAL ESTATE & ECONOMIC NEWS
Metro Vancouver Home Prices Rise 4.3% In Past Year
Strong sales and demand for properties pushed the benchmark Metro Vancouver home price up to $624,000 in May – 4.3% more than a year ago, the Real Estate Board of Greater Vancouver (REBGV) announced. Read more
B.C. Housing Demand To Grow: CMHC
Demand for housing in British Columbia is expected to increase this year and next, driven by employment growth and an increasing population, according to the Canada Mortgage and Housing Corporation (CMHC). Read more
Bank of Canada Overnight Rate Maintained At 1%
The overnight rate will once again remain at 1% – the same level it has been since September 2010 – the Bank of Canada announced June 4. Read more
Chinese Investors Diversify Their B.C. Holdings
Once focused primarily on resources, overseas money is now flowing into other sectors. Read more
Historic Hotel Vancouver Up For Sale
The historic Hotel Vancouver is putting up a for sale sign after Quebec’s public pension fund, Caisse de dépôt et placement du Québec, announced it was selling off the luxury building along with Toronto’s Royal York. Read more
How to Sell Your Home Fast & Use SnapStats?
Price it right! As I previously mentioned in my newsletters of the past few months, a well-priced property is the most effective can sell really fast. I constantly used the SnapStats report to check the Price Band Sales Ratios of the homes listed in the market as well as the Sales Ratio of the neighborhoods because it helps Sellers and Buyers identify the price pressure of the properties they want to Sell or Buy.
It is in my own opinion that PRICING is the most important factor in selling your property. No matter what time of year you want to sell, as long as your home is priced well, it should sell. The best way to understand your local market trends and get your home sold is to contact your Real Estate agent. Vancouver is a great Real Estate market with Buyers ready to buy. Thinking of selling in the spring or in the summer? Don’t wait, contact me and sell it now!
Not only you get the SnapStats report on Vancouver Downtown, Vancouver Westside, Vancouver Eastside, North Vancouver, West Vancouver and Richmond but also you get statistics from GRD including Burnaby, New Westminster, Coquitlam, Port Coquitlam, Port Moody, Pitt Meadows and Maple Ridge. Also, check out the new feature “Sale Price SQFT” Feel free to pass along to your friends and family!
To access the complete SnapStats report (PDF) for the month of May 2014 for your specific neighborhood and area, please give me a call at 778-558-9948 or email me at email@example.com
How to Read The Report? The SnapStats report will give valuable information and the answer the following questions:
What is the sales ratio of where I live or where I want to live?
What is the trend on inventory, price and number of sold properties for the last 13 months?
Who can help me better determine my market value and help me use SnapsStats to my advantage? FRANCIS!
***Sales Ratio over 21% is considered a Seller Market
***Sales Ratio of below 14% is officially a Buyer market