Sales slowed slightly from April and dropped off record-setting pace with 13% less homes sold, but they were still 188% above May 2020 and 28% above the 10-year average.
Limited inventory and low interest rates continue to keep prices level, despite the reduction in sales activity.
Below is a recap of the most relevant insights, as reported by the REBGV.
- There were 4268 home sales in Vancouver for May 2021, which is a 188% increase over the same month in 2020 and 28% over the 10-year average. That said, sales were 13% lower than April 2021. Benchmark pricing increased 14% overall during the past 12 months.
- The sales-to-active-listings ratio for all homes in May 2021 was 39%. Generally prices decline when this ratio falls below 12% for a sustained period of time, and increase when it rises above 20%.
- Broken down by property type, the May sales-to-listing ratio was 30% for houses, 54% for townhomes, and 44% for condos.
- For detached homes, the benchmark pricing is $1,800,600. This is a 23% increase from May 2020 and a 2% increase over April 2021. This increase goes hand-in-hand with a 166% increase in detached home sales over the year.
- For apartments, the number of sales went up 213% from May 2020 to May 2021. The benchmark price for an apartment went up 8% to $737,100 over the past year and 1% from April, 2021.
- Sales of of duplex and townhouse homes jumped 168% when comparing May 2020 and 2021. Benchmark pricing went up 16% to $936,300 over the same time frame and 2% since April, 2021.
- Neighbourhood reports for May will be out shortly and you can always find the latest for North Vancouver, West Vancouver, Vancouver West and Vancouver East by clicking here.
Have questions about how this affects your home sale or purchase, market trends in your specific neighbourhood, or anything else? Reach me at 778 321 0091, marie@marieoconnor.ca or click here.
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