May 2010 Real Estate Board of Greater Vancouver MLS Statistics

Vancouver Real Estate Statistics for May 2010

Monthly Vancouver Real Estate MLS Statistics - May 2010

Balance Returns or Buyer’s Market?

After a busy start to the year, it would appear as though the Vancouver real estate market is entering a more balanced market. For the first time since the beginning of the year we saw declines (and significant ones) in the number of sales, new listings as well as average prices.

There were 2286 new listings in May 2010. This is a decline of -12.48% over April 2010 and a rise of nearly 55% over May 2009. This is a welcome decline as last month’s number was the highest number of new listings in more than five years.

One of the more noteworthy aspects of May’s numbers is a big dip in the number of sales. May 2010 saw 950 sales in the Vancouver real estate market. This is a -19% decline from April 2010 and a -23.45% drop from May 2009. This was a quick turn-around from one of the strongest Aprils we had ever recorded.

At the same time active listings are continuing to rise. As recently as December 2009 we had just over 2400 listings on the market. In May 2010 this number has more than doubled to 5215. It is now 9.7% higher than April 2010 and nearly 42% higher than a year ago.

Meanwhile, we are beginning to see a deterioration of prices for the first time since late last year. There was still a minor increase in the detached benchmark (+0.55%) to $1,217,932, but the attached benchmark fell (-2.28%) to $648,329 as did the apartment benchmark (-0.23%) to $424,396. However, these numbers are all up strongly from a year ago.

The news media has changed it’s tune on Vancouver real estate. Pessimism has crept back in and this has been taking it’s effect on the people making buying decisions in Vancouver. Buyers are not feeling motivated to make a decision in the current market. Seller’s are beginning to realize that the market has become more balanced and are starting to be more amenable to making a deal work.

The Vancouver Real Estate Board’s official line

“Prospective home buyers in today’s market have a broad selection to choose from in every property type. REALTORS® are telling us they’re working with buyers who are not feeling as rushed to make a decision as they did late last year and earlier in the year,” Jake Moldowan, REBGV president said.

“It’s important for those looking to buy or sell a home to remember that real estate is local and wise real estate decisions are made by those who understand current market conditions at the neighbourhood level,” Moldowan said.

More info on Vancouver real estate

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