ight PropertyNews
Friday, June 17, 2011
May Housing Numbers Still Favour Sellers in Vancouver
Categories:News
Reports from the Real Estate Board of Greater Vancouver show a continuation of the trend that has been running in Metro Vancouver for several months. Sales of residential detached, attached, and apartment properties reached 3,377 in May of this year. That's a 7 per cent increase from May 2010 (3,156 residential properties sold) and a 4.7 per cent increase from April 2011 (3,225 residential properties sold).
One significant, though somewhat misleading stat, is the Housing Price Index (HPI) for residential properties in Greater Vancouver. The HPI over the last 12 months rose in May 2011 to $627,568. In May 2010 it was $590,662. This stat means that the prices for housing in Greater Vancouver rose from last year but because there has been more activity in the higher end of housing, the numbers are a little skewed. 21 per cent of residential properties sold on the MLS® in Greater Vancouver sold for $1-million or higher, while 20 per cent of residential properties that sold in Greater Vancouver sold for less than $350,000. Keep in mind also that these HPI stats are only for properties sold on the MLS® and do not include sales by owners, or properties that were not listed on the MLS®.
With high end property sales making up an increasingly large part of the market and with talk of geographic restrictions inhibiting Vancouver's housing development, Vancouver's housing market continues to favour sellers this spring.
One significant, though somewhat misleading stat, is the Housing Price Index (HPI) for residential properties in Greater Vancouver. The HPI over the last 12 months rose in May 2011 to $627,568. In May 2010 it was $590,662. This stat means that the prices for housing in Greater Vancouver rose from last year but because there has been more activity in the higher end of housing, the numbers are a little skewed. 21 per cent of residential properties sold on the MLS® in Greater Vancouver sold for $1-million or higher, while 20 per cent of residential properties that sold in Greater Vancouver sold for less than $350,000. Keep in mind also that these HPI stats are only for properties sold on the MLS® and do not include sales by owners, or properties that were not listed on the MLS®.With high end property sales making up an increasingly large part of the market and with talk of geographic restrictions inhibiting Vancouver's housing development, Vancouver's housing market continues to favour sellers this spring.
-- Sarah Mah
Comments
I was seourisly at DefCon 5 until I saw this post.
Wow, thats a raelly clever way of thinking about it!
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