The Real Estate Insider Blog

It's Spring and the real estate market in Vancouver market has been hopping!  I have analyzed all of the stats from May and here are 5 things you should know about the real estate market in Metro Vancouver:

1. Supply:  We had 6,288 properties listed thru the month of May which is down -32.7% from this time last year (May 2014) and another -1.1% from last month (April 2015). 
   If we look into those stats further.... we have 2.5 months of inventory for detached houses and 2.6 months of inventory for attached homes.
   
   
2. Demand: 2,302 properties sold in May which is up +21.3% from this time last year (May 2014) and is down -3.3% from last month (April 2015).
   
   
3. Time:  The average time for a detached house to sell was 15.7 days.  For attached homes it was 24.4 days.
   
   
4. Prices: The average price of detached house is $1,557,571 which is up +23.2% from last year (June 2014) and up 2.4% from last month (May 2015). 
   The average price of an attached home is $503,938 which is up +2.7% from last year (June 2014) and down .9% from last month (May 2015).
   
   
5. Hottest Areas

For Detached houses, the following areas saw the largest price increases from this time last year (June 2014):

• the Vancouver Westside with an increase of +29% to an Average price of $2,967,500.  There is also just 2.5 months of supply for detached houses.
  
• Ladner with an increase of +28.5% to an Average price of $810,000.  There is also just 2.2 months of supply for detached houses.
  
• North Vancouver with an increase of +24.3% to an Average price of $1,261,500.  There is also just 1.5 months of supply for detached houses.
  

For Attached homes, the following areas saw the largest price increases from this time last year (June 2014):  

• the Vancouver Westside with an increase of +19.7% to an Average price of $608,000.  There is also just 2.6 month of inventory for attached homes.
  
• the Vancouver Eastside with an increase of +9.1% to an Average price of $412,000.  There is also just 2 months of supply of attached homes.
  
• North Vancouver with an increase of +8.9% to an Average price of $488,000.  There is also just 2.2 months of supply of condos and townhomes.