May 2009 Real Estate Board of Greater Vancouver MLS Statistics

Light At the End of the Tunnel

With the end of May 2009 we can now look back and see that we’ve had four consecutive months of increasing sales in Vancouver. Both the Eastside and Westside have seen steady improvements in the number of sales since February 2009.

These steadily improving Sales numbers are now having an effect on the entire market. Listings are down and prices are starting to inch their way up. In fact, since the beginning of 2009 the benchmark price of Detached homes has risen 6.86% on the Westside and 3.52% on the Eastside.

The most significant difference this month is that the improvements we are seeing are no longer just month-to-month but also year-over-year. April saw some improvements year-over-year, but May saw this happen across the board (in everything but prices).

The official line

“The increased level of buyer activity over the last few months has had a stabilizing effect on home prices across our region,” Scott Russell, REBGV president said. “MLS® data continues to show a trend toward a balanced market in the region.”

The numbers

Sales are up significantly (+22.75%) for yet another month (that’s four in a row) from 1011 in April 2009 to 1241 in May. Year-over-Year this month saw a big jump (+61.59%) over the 949 Sales in May 2008.

At the same time the number of new listings coming onto the market is holding steady. There were just 1475 New Listings in Vancouver in the month of May 2009. This was a slight rise month-to-month (+2.64%) but a big drop year-over-year (-29.29%). The Sell/List ratio rose for yet another month to 84.14% (it had been at 20% in January).

Active listings fell for the third straight month to 3673. This is down month-to-month (-8.63%) as well as year-over-year (-32.29%). Active Listings are at their lowest number in over a year.

While prices are still well below the levels they were a year ago, we are seeing them rise on a month-to-month basis. If Sales continue to rise, New Listings continue to retract and the available inventory remains limited, I expect we shall see prices continue to rise in the coming months.

Monthly Vancouver MLS Statistics - May 2009

The future

Is the bottom of the market behind us already? It’s possible. I’ve heard some calling the bottom already. Unfortunately, my own crystal ball is cloudy…only time will tell.

Please Donate

On June 22nd, 2009 I will be attempting to break the record for the most ascents of the Grouse Grind for charity. The Royal LePage Shelter Foundation is an incredible organization which is there to help women and children suffering from domestic abuse. Of every dollar donated, 100% goes directly to those in need (Royal LePage covers all administrative costs of the charity).

Donate to the Royal LePage Shelter Foundation

More info on Vancouver real estate

Are you a first time home buyer? I have helped many first time buyers purchase their first home. If you are thinking of looking, I can help you take advantage of all the government programs and incentives, educate you on the process, and get you the best possible deal on the home that you want.

Contact Sebastian, Vancouver Realtor or send me a quick email.