May Market Update

After a wild start to the year, things are calming down a bit in our busy real estate market. May was still a busy month, with steady sales and plenty of new listings. 
Let’s dive into the highlights: 
  • Sales are slowing, but still strong. There were 4,268 sales in May, down 13 per cent from April. However sales are still well above average for this time of year, coming in at 27.7 per cent above the 10-year May average. 

  • Prices continue to increase. The benchmark price for all property types in Greater Vancouver was $1,172,800 in May, a 14 per cent increase over the previous May, and a 1.5 per cent increase from April. Detached homes have seen the biggest increase in price over the last year, rising 22.8 per cent from May 2020, while townhomes climbed fastest over the last month, rising 1.8 per cent.

  • Still a strong seller’s market. Though more homes are currently listed compared to last month, the sales-to-listing ratio is 38.9%. Generally, any ratio above 20% is considered a seller’s market, with upward pressure on home prices due to scarcity. Townhomes in particular are in high demand, with a sales-to-listing ratio of 53.8%.

For more detail, you can download the full monthly report from REBGV here
So what does this mean for you? If you’re thinking of listing your home, there is still high demand for all property types, particularly for detached homes and townhomes. As we’ve seen throughout the pandemic, everyone is looking for a little more spaces indoors and out. 
For buyers, the market may still be moving fast, but the increased supply means you are in a stronger position to find your ideal home.
Whether you’re buying or selling, it helps to have a skilled Realtor on your side to advocate for your best interests. With almost two decades of experience, I’m here to lend my insight and expertise to helping you take that next exciting step. Get in touch!