Metro Vancouver Sales Surpass 4,000 for 3rd Consecutive Month
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 4,056 on the MLS® in May 2015. This represents a 23.4% increase compared to the 3,286 sales recorded in May 2014, and a decrease of 2.9% compared to the 4,179 sales in April 2015.
Last month’s sales were 16.7% above the 10-year sales average for the month.
New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,641 in May. This represents a 5% decrease compared to the 5,936 new listings reported in May 2014.
The total number of properties currently listed for sale on the region’s MLS® is 12,336, a 23.2% decline compared to May 2014 and a 0.8% decline compared to April 2015.
Sales of detached properties in May 2015 reached 1,723, an increase of 18.6% from the 1,453
detached sales recorded in May 2014, and a 42.2% increase from the 1,212 units sold in May 2013. The benchmark price for a detached property in Metro Vancouver increased 14.1% from May 2014 to $1,104,900.
Sales of apartment properties reached 1,600 in May 2015, an increase of 24.4% compared to the 1,286 sales in May 2014, and an increase of 40.8% compared to the 1,136 sales in May 2013. The benchmark price of an apartment property increased 4.6% from May 2014 to $396,900.
Attached property sales in May 2015 totalled 733, an increase of 34% compared to the 547 sales in May 2014, and a 37.3% increase from the 534 attached properties sold in May 2013. The benchmark price of an attached unit increased 6.4% between May 2014 and 2015 to $501,000