May Flowers
Posted June 1st, 2009 in Real Estate, Statistics | 
Up
Averages are always a little scary. As a snap shot indicator they can prove beneficial but may at that moment, not reflect a trend. However, based on Realtor reaction to east and west side sales you might think we are back in 2007.
May’s Month of Numbers
April showers certainly fell on the Vancouver Residential market and May has definitely caused Vancouver real estate flowers to bloom.
As noted in last month’s missive, our local Vancouver market is experiencing an uptick. This month continued in that direction with average prices in all sectors of our residential market rising. Some seller’s were happy, realizing double digit percentage points over the asking price. With out a doubt the low interest rate is having an effect. For many buyer’s the sense of “it’s a good time to buy!” has never been more pronounced.
The Bottom
As was the case in April, a number of fellow Realtors® reported coffee cup consensus that buyers are busy shopping in large numbers. Young families anxious to find larger homes in quality school catchments are out in full force. Multiple offers are once again a normal occurance as selling prices have become a daily event. Unfortunately, for buyers, the competitive nature of the buying process reached new levels of stress and disappointment.
May’s YOY detached unit sales continued in the negative, but as it did in April the gap closed in at -6%. Attached unit sales hovered at -5% with apartments assuming similar courage at -6%.
Looking Ahead
Right now it is safe conjecture that the bottom has passed, but looking three months down the road this could be a ‘Dead Cat Bounce’. The Vancouver market is being stripped of supply. As new listings come to market they will reflect recent price increases. It could well be that the fall – winter market will offer a somewhat similar situation experienced in Q4/08 – Q1/09. Anticipated is that the increased prices may cause buyers to again choose to wait and see.
Vancouver Real Estate Average Price Numbers:
| Detached | Attached | Apartment |
| Apr 09 – 816,801 | Apr 09 – 463,283 | Apr 09 – 364,074 |
| May 09 – 831,171 – Up | May 09 – 479,580 – Up | May 09 – 394,133 – Up |
*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
***Numbers provided may vary as they are dynamically posted by the REBGV.
