VANCOUVER EAST 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.
East side house prices in May record a 2 percent increase over May 2017. Year to year Vancouver east detached sales drop 29.1 percent. May to May inventory rises 0.6 percent.
April to May east side house sales are up a lot for another month by 36.9 percent. Month to month east side inventory is down 4.7 percent.