Housing Market Update
The number of homes for sale continued to increase (15% above the average) in the Greater Vancouver market in May while home sales and prices remain relatively constant compared to recent months. The number of sales in May totaled 2853 which is a 15% decline compared with last May and the lowest number since May 2001.
The sales/listings ratio sits at 16% which is considered a balanced market. We entered a balanced market in the Spring of 2011 and have maintained it ever since. As a result, home prices in our region have seen little fluxuation over the last 6 months. The average sale time in our market is 43 days, which is 8 days higher than a year ago.