What the Market did this May in Metro Vancouver and How Does This Effect the Value of Your Home?
Posted by Tony Cikes on
The Spring market is in full swing! Sales are up as we saw 1,898 homes sell in the month of May, which is up 11.1% from last May. We are also seeing fewer homes for sale as the listing inventory is down by -3.8% when we compare the amount of homes that were on the market this May compared to the same time last year.
So for May 2014... we experienced a "Seller's Market" because the list to sales ratio was 26.83%. It is a "Balanced Market" when the ratio ranges from 15% to 20%. It is deemed to be a "Buyer's Market" when we are below 15% and a "Seller's Market" when we are above 20%.
We finished May with 4.4 months of inventory. Those inventory level tells us that prices are rising. When inventory is around 5 to 6 months, prices are stable and…
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