Month End May 2014 Stats

"A goal without a plan is just a wish." - Antoine de Saint Exupery

Attached are the Sales and Listings Stats updated to the end of May 2014. Sales in Greater Vancouver for May continued to eclipse the previous month’s high for number of units, with this being the highest monthly total sold since May 2011. Sales were up 8% compared to April 2014 and up 13% compared to May 2013. Total Active listings on market are down 6% compared to this time last year. Most market areas are slipping into Seller’s market type of conditions/bordering on balanced. With the exception of the detached market which is more entrenched in Seller’s Market conditions. Apartments continue to be in balanced market conditions. Richmond showed a 21% increase in the number of units sold over April 2014. Buyer demand is at its strongest point in over three years. Sales to listings ratios are consistent with this time last year in most areas – with Ladner leading the way at 101% of new listings selling during May.

Contrary to an article recently in the local media, Vancouver Westside Detached sales were at their strongest in over 3 years. The number of houses sold in May was up 28% compared to April 2014 and up 9% compared to May 2013. Of note in the article was a comment that in March 2014, just weeks after the federal government announced cancellation of the Immigrant Investor Program, average prices for detached homes in Vancouver dropped by a monthly record of 11 per cent from February 2014. When you look at Vancouver’s Westside Detached market, average prices dropped by 16% in March 2013 from February 2013 and dropped by 9% in March 2012 from February 2012. This month over month decline is not uncommon and actually typical. Stronger activity due to the Chinese New Year buying patterns can be seen as a significant cause for this. Average prices in May 2014 are actually up 4% compared to May 2013 in fact.

sales and listings stats all regional may 2014

sales and listings stats houses townhouses condos may 2014

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in May 2014 was 3,331 – up from 3,090 in April 2014, up from 2,937 in May 2013; Active Listings are at 17,217 compared to 18,366 at this time last year; Month’s Supply of Total Residential Listings is steady at 5 Months (Balanced Market with areas of a Seller’s Market).

Vancouver Westside Residential: Total Units Sold in May 2014 was 675 – up from 629 in April 2014, up from 654 in May 2013; Active Listings are at 3,103 compared to 3,161 at this time last year; Month’s Supply of Total Residential Listings is steady at 5 Months (Balanced Market with areas of a Seller’s Market).

Vancouver Eastside Residential: Total Units Sold in May 2014 was 369 – up from 356 in April 2014, up from 335 in May 2013; Active Listings are at 1,203 compared to 1,457 at this time last year; Month’s Supply of Total Residential Listings is steady at 3 Months (Seller’s Market).

North Vancouver Residential:  Total Units Sold in May 2014 was 280 – up from 255 in April 2014, up from 217 in May 2013; Active Listings are at 1,090 compared to 1,151 at this time last year; Month’s Supply of Total Residential Listings is steady at 4 Months (Seller’s Market).

West Vancouver Houses: Total Units Sold in May 2014 was 106 – up from 99 in April 2014, up from 100 in May 2013; Active Listings are at 764 compared to 842 at this time last year; Month’s Supply of Total Residential Listings is steady at 7 Months (Balanced Market).

Richmond Residential: Total Units Sold in May 2014 was 405 – up from 335 in April 2014, up from 377 in May 2013; Active Listings are at 2,421 compared to 2,357 at this time last year; Month’s Supply of Total Residential Listings is down to 6 Months (Balanced Market).