So the May Real Estate Numbers are out now, Today I am going to dive deep into what these numbers mean in the Vancouver Market, Coming up next.
So lets start off with the number of sales compared to last year for detached homes in Vancouver West, the month of may had 91 sales, which is a 51% decrease from last year. The prices for detached homes have decreased 4.4% to 3.43 million with inventories up about 34%. We are in a Buyers market for homes in Vancouver west. Which means you have time to negotiate as a buyer and prices are trending in a downward direction.
For Condo in Vancouver West, sales have decreased 31.9% with an increase in inventories of 26.7 % and a price increase of 13.4 percent compared to last year. Vancouver west condo prices are still on the rise with a benchmark price of about $845,000. Vancouver West condos are in a sellers market which means inventories are less than the demand, and prices are still increasing.
For townhouses in Vancouver West, sales have decreased 37% as inventories increased by 66.7%, townhome prices are still on the rise with a benchmark price of $1.3 million. Townhomes are in the balanced market, where there is an equal amount of supply and demand. Prices should stay stable for this property type.
In Vancouver East see detached homes at a balanced market. The benchmark price increased 2 % since last year at 1.54 million with an inventory increase of just 7%. Prices for detached homes in Vancouver east should remain stable.
Condos in Vancouver east have increased in price by 15.9% compared to last year with 175 sales and an increased inventory 32%. Prices are still on the rise for condos in Vancouver East with a benchmark price $575,000.
Townhouses in Vancouver East had an increase in price of 16.2% with 29 sales, and 98 listings. Prices are also rising for townhomes in Vancouver East. Vancouver East Condos are in a Sellers Market, with a benchmark price of $925,000.
Question of the day, Would do you think about this Vancouver East Market? Are prices heading down? Answer in the comments below. I will make it an effort to personally respond to all the comments. If you are in the market to sell or buy I have linked up a playlist of helpful tips in the description below.
I will be posting new market update videos every Friday for different areas across metro vancouver, and educational real estate tips every Tuesday. This is Alex Lam from Vancouver and bye for now.