Stats don’t lie and the official Real Estate Board of Greater Vancouver (REBGV) report says that residential property sales declined a 15.5 per cent compared May 2011. May sales were the lowest total for the month in the region since 2001 and 21.1 per cent below the 10-year May sales average.
More Than Before
“Home sellers have outpaced buyers in recent months, however, there continues to be an overall balance between supply and demand in our marketplace,” Eugen Klein, REBGV president said. He says this is because the “sales-to-active-listing ratio sits at 16 per cent, which is indicative of balanced market conditions.”
At alternate casual observer’s perspective might question this ‘balanced’ statement when all they see is the Vancouver real estate market as a swimming pool full of listings and sales dropping faster than dead flies.
In a Nut Shell
- New listings for detached, attached and apartment properties in Greater Vancouver totalled 6,927 in May 2012. This represents a 16.8 per cent increase compared to May 2011
- Last month’s new listing total was 15.3 per cent above the 10-year average for a total of 17,835.
- MLS® HPI benchmark price* for all residential properties in Greater Vancouver currently sits at $625,100, up 3.3 per cent compared to May 2011 and up 2.4 per cent over the last three months
- The benchmark price for all residential properties in the Lower Mainland** is $558,300, which is a 3 per cent increase compared to May 2011 and a 2.3 per cent increase compared to three months ago.
- Detached Sales in May 2012 reached 1,180, a decline of 24.8 per cent.
- Detached Benchmark price increased 5.1 per cent from May 2011 to $967,500
- Apartment sales reached 1,156 in May 2012, a decline of 5.9 per cent.
- Apartment Benchmark price increased 1.7 per cent from May 2011 to $379,700.
- Townhome sales in May 2012 totalled 517, a decline of 10.7 per cent
- Townhome Benchmark price increased 0.9 per cent between May 2011 and 2012 to $470,000.
Fly In Ointment
Benchmark prices underwent a re-calculation this month in order to more accurately reflect trends measured by the MLS® Home Price Index. There were no changes to the calculation of index values.
This re-calculation involved aggregating benchmark prices using the sales weighted approach for the reference period (i.e. January 2005) and thereafter linking movements in aggregate benchmark prices to their corresponding MLS® HPI.