VANCOUVER, B.C. – June 2, 2011 – Home sales remained at typical springtime levels on the Multiple Listing Service® (MLS®) in Greater Vancouver in May.
Looking back further, last month’s residential sales are 8.1 percent below the ten-year average for sales in May. The three highest selling Mays ever recorded occurred in 2005, 2006 and 2007 when sales exceeded the 4,000 mark each year.
“With a sales to active listings ratio of 23 percent, conditions continue to favour sellers in the Greater Vancouver housing market, but activity has eased away from the near record-setting pace we saw in March,” Rosario Setticasi, REBGV president said.
At 14,656, the total number of residential property listings on the MLS® increased 2 percent in May compared to last month and declined 16 percent from this time last year.
“We’re seeing more activity at the high end of our market this year than we did one year ago. This is causing today’s average prices in the region to be less reflective of the total activity occurring in the marketplace,” Setticasi said. “The Housing Price Index benchmark prices are more accurate, reliable indicators of housing prices compared to averages.”
Of all residential properties sold on the MLS® in Greater Vancouver in 2011 to date 21 percent sold for $1-million or higher and 20 percent sold for $350,000 or lower. While 77 percent of the properties that sold for over $1-million were located in West Vancouver, the Westside of Vancouver or Richmond, the properties that sold for $350,000 or lower were located throughout the entire Board area.