May 2018 - Reduced demand is allowing housing supply to accumulate



Home buyer demand continues to decline across the Metro Vancouver housing market. “With fewer homes selling today compared to recent years, the number of homes available for sale is rising,” Phil Moore, REBGV president said. 

“The selection of homes for sale in Metro Vancouver has risen to the highest levels we’ve seen in the last two years, yet supply is still below our long-term historical averages.” “For home sellers to be successful in today’s market, it’s important to price your property competitively given the shifting dynamics we’re experiencing,” Moore said. “It’s also important to work with your local Realtor to better understand these changing conditions.”

Statistics:
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,094,000. 
·        11.5% increase compared to May 2017
·        0.2% increase compared to April 2018  

2,833 Home Sales in May               
·        35.1% decline compared to May 2017               
·        9.8% increase compared to May 2018
·        19.3 per cent below the 10-year May sales average  

6,375 New Listings in May since last year
·        5.5% increase compared to May 2017
·        9.5% increase compared to April 2018  

11,292 properties currently listed for sale on the MLS® system in Metro Vancouver 
·        38% increase compared to May 2017 
·        15% increase compared to April 2018 
·        The total number of listings available today is 17.2 per cent below the 10-year May average.  

Sales-to-Active Listings Ratio:
25.1% for all property types
·        19% below last May compared to May 2017
·        14.7% for Single Family Homes (Approaching Buyer’s Market)               
·        30.8% for Townhomes (Seller’s Market)               
·        41.7% for Condos (Seller’s Market)               

PRICE:
·        The benchmark price for Detached properties is $1,608,000, 2.4% Increase compared to May 2017 
·        The benchmark price of an Apartment property is $701,700. This is a 20.2% Increase compared to May 2017 
·        The benchmark price of an Attached unit is $859,500. This represents a 16% Increase compared to May 2017   

SALE:
·        Sales of Detached properties in May 2018 reached 926, a 40.2% Decrease compared to May 2017 
·        Sales of Apartment properties reached 1,431 in May 2018, a 29.3% Decrease compared to May 2017 
·        Sales of Attached property sales in May 2018 totaled 476, a 39.8% Decrease compared to May 2017  

Source: REBGV's Website and REBGV's President, Phil Moore