The May west side detached home listing supply was up 1% from the 10 year average, apartment supply was up 6% from the 10 year average and townhome supply was up 8% from the 10 year average.
Demand in May was down from the 10 year average by 41% for detached homes, up 2% for apartments and down 6% for townhomes.
Median home prices in May are off from the peak, by 9% for detached homes, are off 6% from the peak for apartments and up 1% for attached homes.
Current prices are similar to those from 1 year ago.
Supply rising, demand falling and interest rates also rising suggests prices will continue to soften.
The Real Estate Board of Greater Vancouver (REBGV) METRO report says that residential property sales in the region decreased 31.6% to 2,918 this May from 4,268 sales in May 2021. This is a 9.7% decrease from the 3232 homes sold in April 2022.
The total number of properties currently offered on the MLS® system in Metro Vancouver is 6,377, down 10.5% compared to May 2021 and up 4.4% from 6107 last month.
The Real Estate Board of Greater Vancouver (REBGV) reported that the benchmark price for all residential properties in Metro Vancouver is $1,262,100 which is a 14.7% increase over May 2021 but is down .3% from last month.
For all property types, the sales-to-active listings ratio for May 2022 is 29.2%. For detached homes it is 18.3%, attached homes are 35.5% and apartments are 38.1%.
Downward pressure on home prices occurs when the ratio dips below the 12% mark for a sustained period, while upward pressure occurs when it surpasses 20% over several months.
We will see how our supply & demand shakes out over the next month.
Happy Fathers Day! 💖