Image courtesy of Scott Chan / FreeDigitalPhotos.net
Yesterday The Vancouver Sun published an article titled Rise in Metro Vancouver’s monthly home sales signals stabilizing trend which depicts the conditions of our local real estate market over the last month.
As discussed in the article, Vancouver real estate sales statistics and trends show that recent Vancouver home sales are 9.7% higher than April sales. Despite this improvement sales in May are still nearly 20% below the ten year average. Other Vancouver home sales statistics published by the Real Estate Board of Greater Vancouver include:
- Number of listings is 18% below the number of listings at this time last year.
- Sales-to-listings ratio is 17% compared to only 12% in January.
- Composite benchmark price for houses for sale in Vancouver dropped by 5.2% in May 2013 compared to May 2012, down to $917,200.
- Benchmark price of a Vancouver condo or apartment for sale dropped by 3.7% to $365,000.
- Benchmark price for a Vancouver townhouse for sale dropped by 3.2% to $454,900.
Meanwhile home sales in the Fraser Valley have been slow. Ron Todson, the president of the Fraser Valley Real Estate Board calls it a transitioning market.
Despite lower sales being approximately 20% lower than what is expected for this time of year prices are staying stable in the Fraser Valley, which includes homes for sale in Surrey, North Delta, White Rock, Langley, Abbotsford and Mission.
In these Fraser Valley real estate areas benchmark prices of homes for sale for May are as follow:
- Detached house for sale: $549,200 (up 0.2% compared to same month last year)
- Townhouse for sale: $298,000 (down 2.9% compared to same month last year)
- Condo or Apartment for sale: $203,400 (unchanged)
For more information about the current conditions of the Vancouver, White Rock or Surrey real estate market and how it affects your decisions contact me by phone at 778-316-4290 or by email at ntaylor@sutton.com.
