VANCOUVER WEST MAY HOUSE 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 shows the average price of Metro Vancouver detached properties rising 7.7 percent from April to May. The benchmark price for detached houses last month compared to May 2017 is up 2.4 percent. The volume of house sales is down year to year by 40.2 percent.
Last month versus May 2017 Vancouver west detached prices are 4.4 percent lower. Year to year west side house sales continue free falling, down 51.3 percent. May to May inventory dips 4.3 percent.
April to May this year sales of west side houses are up by an impressive 33.8 percent. Month to month detached inventory declines 9.8 percent.