Single-Family Homes Verge Of Price Correction in Vancouver Real Estate
Single-Family Homes On Verge Of Price Correction in Vancouver Real Estate that tumbled last month and was compared with May 2017, and according to Real Estate Board of Greater Vancouver, this raises potential of lower prices for some different types of homes.
According to Board, around 2,833 properties were sold out in the region in May, a plunge of 35.1% from sales was recorded in the same period of time in last year, as home sales in May was up by 10% over transactions in April.
Sales in May were 19.3% below 10-year average price for the month.
Phil Moore, Board president said that low sales and a 10% jump in number of newly listed homes between April & May and has pushed selection to the highest level in 2 years.
Moore also said that supply is below 10-year average but when total number of single detached home sales were divided by total listing for this type of property, ratio is 14.7, nearing to the indicator where pressure on prices occurs.
Home sales-to-active listings ratio for condominiums and townhomes are higher, at 41.7% for condominiums and 30.8% for townhomes, well above 20% mark which the board says that this can trigger in upward pressure on home prices.
Moore also said that in today’s market home sellers need to be successful and it’s very important to price property which gives shifting dynamics that they are experiencing.
Composite benchmark price for residential properties in Vancouver is around $1,094,000, its is an increase of 11.5% over May 2017.