VANCOUVER EAST MAY APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release reports May being in lockstep with preceding months in 2018 by showing sales well below the 10 year average for the month. Although available listings, which are also below average for May, could be a contributing factor to diminished activity the likely culprit pointed out is declining Buyer demand. Today prudent pricing by Sellers is necessary for success. Last month total residential sales decline 35.1 percent compared to May 2017. Total inventory of listed properties is up 38.2 percent year to year with a 5.5 increase in new listings contributing to that total. The composite value of all Metro Vancouver properties is up 11.5 percent last month over the previous May.
The graph illustrates a downturn in the average condominium sale price for Metro Vancouver of 3.4 percent from April to May. Year to year the overall benchmark price for apartments is up 20.2 percent. The volume of condo sales falls this May compared to May 2017 by 29.3 percent.
Vancouver east apartment prices last month versus the previous May rise 15.9 percent. Year to year east side apartment sales are down by 17.5 percent. East side condo inventory is up 20.5 percent May to May.
April to May east side apartment sales do an about face via a 23.2 percent increase. Month to month inventory is up 12.1 percent.