In May 2014, more home buyer demand today than last 12 months in the Greater Vancouver. The latest SnapStats reports that residential property listings in Downtown Vancouver, Vancouver West, Vancouver East, North Vancouver and West Vancouver reached 5,711 on the Multiple Listing Service® (MLS®) in May 2014. This represents a 3.39% increase compared to the 5,524 listings recorded in April. Last month’s sales were totalled 1,386 in May and the sales is 6.29% above April of 1,304.
Market in Downtown Vancouver
The total number of properties currently listed for sale on MLS® system in Downtown Vancouver is 1,003 and 235 homes were sold in May. The new listing in May 2014 shows a 2.1% decline compared to May 2013, and a 2.3% increase compared to April 2014. The sales-to-inventory ratio currently sits at 23.4% average in the Sellers Market, which means 2.3 in 10 homes are selling. This states the 1.5% decline from 24.9% in April.
The median sales price has increased to $503,000 in May 2014, and the price is the second highest this measure has been since May 2013. Homes are currently selling on the average of 3.1% below their listing price. The Most Active Price Range is in between $0 to $300,000 at 43% sales ratio as well as $2 million to $2.25 million at 33% sales ratio. The Sellers Best Bet is homes in Yaletown and up to 1 bedroom properties. The Buyers Best Bet is the following: Homes between $800,000 to $900,000; $1.75 million to $2 million, Coal Harbour area and minimum 4 bedrooms.
From the 13 Month Market Trend figure below, inventory in Downtown Vancouver has been increasing since the beginning of 2014, and we see a steady increase in Seller and Buyer activity in this Spring 2014.
Source: SnapStats Metro Vancouver Edition May 2014, SnapStats Publishing Co.
Market in Vancouver West
Sales for both Detached and Attached properties in Vancouver West totalled 425 units, which is the highest in the last 12 months trends. This represents a 12.7% increase from April 2014, and we see a rapid growth in the home buyers demand. The Vancouver West Detached Market has changed from Balanced to Sellers Market at 24% sales ratio average. The Most Active Price Band in the Detached Market is still at $1.25 to $1.5 million with 30% ratio and $2 to $2.5 million range with 70% sales ratio and Attached Market has moved up from ‘$0 to $300,000’ to ‘$300,000 to $400,000’ range.
Market in Vancouver East
New listings in Vancouver East reached 1,095 units and sales are totalled 349 in May. The number of sales in both Detached and Attached Market in Vancouver East has recorded the highest in past 12 months trends. Detached Market is now facing Sellers Market. The sales ratio has dropped to 36% average and the market is the most active at $800,000 to $900,000 with 61.4% sales ratio. Homes are selling on average at 2% below list price. Attached Market is also facing Sellers Market at 29% sales ratio, and the most active at $500,000 to $600,000 with 40.9% sales ratio.
Market in North Vancouver
Total properties listed in MLS® has become 1,016 units in North Vancouver in May, and 274 units were sold. The sales ratio has increased to 26.9%, and this shows a 2.5% increase compared to April 2014. The number of sold properties is the highest since May 2013 in North Vancouver. The Sellers Best Bet area is still remaining at Lynn Valley and Westlynn in Detached Market, and the most active price range is in between $800,000 to $900,000 with 61% sales ratio. The Attached Market is the Balanced Market at 20% sales ratio now, which is 3% higher compare to April of 17%.
Market in West Vancouver
The sales ratio for both Detached Market and Attached Market has decreased in May, and both have more inventories in their market now. In Detached Market, the Most Active Price Band has moved down to $1.25 million to $1.5 million band with 34% sales ratio, and the number of sold properties is the highest in last 12 months. The Attached Market in West Vancouver has no significant change from April. The Market is Buyers Market at 14% sales ratio and the homes are selling on average at 4% below list price.
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