Karen Tsao | 604-422-0855

Greater Vancouver Housing Market Update for May 2018

Greater Vancouver Housing Market Update for May 2018

Summary:  Home buyer demand continues to decline across Greater Vancouver housing market.  Last month’s sales were 19.3% below the 10-year May sales average.  The number of homes available for sale has risen to the highest levels we have seen in the last two years; however, supply is still below our long-term historical averages.  For home sellers to be successful in today’s market, it’s important to price your property competitively given the shifting dynamics we’re experiencing.

Housing Market Condition: Housing market condition and pricing can vary depending on area and property type so please consult me for your area of interest. Generally analysts say that a buyer’s market condition occurs when the sales ratio is 12% or less.  Balanced market occurs when the ratio is between 13% and 20%. Seller’s market occurs when the ratio is 21% or more.  
  • All Properties: Seller's market with a sales ratio of 25.1%.
  • Detached House: Balanced market with a sales ratio of 14.7%.
  • Townhouse:  Seller's market with a sales ratio of 30.8%.
  • Apartment:  Seller's market with a sales ratio of 41.7%
Residential Sales
  • Total 2,833 residential sales in May 2018. 
  • 9.8% increase compared to Apr 2018. 
  • 35.1% decrease compared to May 2017.
New Listings
  • Total 6,375 residential new listings in May 2018.
  • 9.5% increase compared to Apr 2018.
  • 5.5% increase compared to May 2017.
Total Number of Listings
  • 11,292 Total residential listings on the MLS® in May 2018.
  • 15% increase compared to Apr 2018.
  • 38.2% increase compared to May 2017.
Home Benchmark Price:  Home benchmark price represents estimated sale price of a benchmark property.  Benchmark property represents a typical property within each market. 
  • Detached House: Benchmark price Increase 2.4% from May 2017 to $1,608,000.
  • Townhouse: Benchmark price increase 0.6% from May 2017 to $859,500.
  • Apartment: Benchmark price increase 20.2% from May 2017 to $701,700
Average Days on Market
  • Detached House: May 2018, 38 days. May 2017, 33 days. May 2016, 26 days.
  • Townhouse:  May 2018, 23 days. May 2017, 23 days. May 2016, 18 days.
  • Apartment:  May 2018, 17 days. May 2017, 19 days. May 2016, 26 days.
Download the complete stats package here.

Karen Tsao
Cell:604-422-0855
Office:604-602-1111
RE/MAX Crest Realty
1428 West 7th Avenue
Vancouver, BC
V6H 1C1 CA