VANCOUVER WEST 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.
Last month versus May 2017 the benchmark price for west side apartments is 13.3 percent higher. May to May Vancouver west condo sales drop by 32.3 percent. Year to year west side apartment inventory is up 21 percent.
April to May Vancouver west apartment sales increase by 1.7 percent. Month to month west side condo inventory rises by 12.8 percent.