May 2019 Vancouver Real Estate Market Update
May saw a modest increase in home sales while supply reached a five-year high
In May, Vancouver home sales eclipsed 2,000 for the first time in 2019, although home buyer demand remains below historical averages.
Home sales in the region totalled 2,638 in May 2019, a 6.9% decrease from the 2,833 sales recorded in May 2018, and a 44.2% increase from the 1,829 homes sold in April 2019.
Last month’s sales were 22.9 per cent below the 10-year May sales average and was the lowest total for the month since 2000.
Focusing in on the Vancouver West area (from Downtown to Marpole, and everything West of Ontario St.) we see the Detached market Average Price down 14.5% from May 2018, Townhomes down 8.8% and Condo's were down 10.3%
Breaking It Down By Housing Type
Sales of detached properties in May 2019 reached 86, a 4.4% decrease from May 2018. The benchmark price for detached properties is $2,927,600. This represents an 14.5% decrease from May 2018.
Sales of Townhomes in May 2019 reached 48, a 17.1% increase from May 2018. The benchmark price for Townhome is $1,116,000. This represents an 8.8% decrease from May 2018.
Sales of Condos in May 2019 reached 320, a 10.4% decrease from May 2018. The benchmark price for condo properties is $758,500. This represents a 10.3% decease from May 2018.