Vancouver realtors say there hasn’t been this much home buyer demand in three years
Posted on Jun 20, 2014 in Mortgage Market Updates and NewsGarry Marr
Vancouver sales jumped 14% last month compared to a year ago but still remain 6.5% below the 10-year sales average for the month of May.
The Real Estate Board of Greater Vancouver said there were 3,286 sales last month in Greater Vancouver across the Multiple Listing Service, up from 2,882 sales recorded in May 2013. Sales jumped 7.7% from the 3,050 in April, 2014.
The board’s MLS home price index composite benchmark price for all residential properties in the metro region was up 4.3% in May from a year ago to $624,000.
“Home prices have experienced consistent yet modest increases in our region since the beginning of 2013,” said Ray Harris, president of REBGV, in a release Tuesday. “Our MLS statistics tell us that there’s more home buyer demand today than at any point over the last three years.”
The sales-to-active listing ratio is now 20.4% in Greater Vancouver, the first time is has been above 20% since June, 2011.
New listings for detached, attached and apartment properties reach 5,936 in Greater Vancouver in May, a 5% increase from a year ago. It was a 0.2% decline from a month earlier.
The total number of properties listed for sale on the MLS system in Greater Vancouver was 16,072, a 6.7% decline from a year ago and a 3.6% increase from a month ago.