Sales 🔼 : 187.4% increase compared from May 2020, and a 13% decrease from April 2021. Last month’s sales were 27.7% above the 10-year May sales average.
Inventories🔼 : 93.4% increase compared to May 2020 (3684) and a 10.2% decrease compared to April 2021 (7938).
Price 🔼: Benchmark price for all residential properties in Metro Vancouver is currently $1,172,800. This represents a 14% increase over May 2020 and a 1.5% increase compared to April 2021.
Quick facts: For all property types, the sales-to-active listings ratio for May 2021 is 38.9%. By property type, the ratio is 29.8% for detached homes, 53.8% for townhomes, and 43.5% for apartments.
My comments:
If you have been following social media, the Real Estate market has slowed down a little compared to 2-3 months ago. With the pandemic it’s hard to predict what will happen the rest of the year but I don’t see a big correction to happen either. The properties that check all the boxes still receive multiple offers. Having said that, I do notice the number of offers decreasing in both detached and attached properties. There are more inventories and buyers have more chances to select what they like. For sellers, it’s still a good time to sell, price is quite decent compared to the past couple years.
Stay safe!
Sheron
