Strong May Sales Set Price Record
 
 
 

Benchmark Average Price for Single Family Home Tops $700K
 
 
 

The Real Estate Board of Greater Vancouver (REBGV) reports overall residential sales of Detached, Attached and Apartment properties reached 4,331 units in May 2007, a slight increase over prior year, and off 2.3% from the 4,434 units sold in May 2005.
 
New Listings for all residential property types continued to rise, up 6.2% to 6,149 units vs. the 5,789 units listed in May 2006.  Total number of Active listings increased by 23.4% to 11,749 compared to May 2006 units of 9,524.

 
Message from the President
“Traditionally May is one of the busiest periods in our market, and this past month was no exception,” says REBGV president Brian Naphtali.  “REALTORS® throughout the Greater Vancouver area are reporting brisk sales and the MLS® system is showing us that the average days a property spent on market dropped again for the fourth consecutive month to 37 days.”

[Note since the beginning of the year, DOM has dropped from a high of 56 days in January, to 49 in February, 43 in March, 39 in April and now 37 days in May]

“The biggest story this month is the pricing and sales of single family detached homes. For the first time in our Board’s history, the benchmark average price for a detached home passed the $700,000 mark. Greater Vancouver real estate is still a hot commodity and consumers are supporting that demand by investing in homes. This is supported by sales numbers as unit sales for detached homes also jumped significantly in a number of key reporting areas in May. These facts show us that despite continued price increases, appropriately priced properties are still finding the right buyers,” explains Naphtali.

 
According to MLS data, sales of apartment properties decreased by 1.6% to 1,789 units in May 2007 vs. prior year.  Benchmark price for an apartment in Greater Vancouver is now $358,428, up 11.5% from May 2006.
 
Sales of attached properties increased by 4.5% to 737 units vs. May 2006 with the benchmark price of an attached unit now $439,317, up 10.8% from last year month.
 
Sales of detached properties in May 2007 increased 2.3% to 1,805 units vs. May 2006 at 1,765 units.  Benchmark price for a detached home is now $711,245, up 11.8% from last year.

Our Experience
Vancouver and the surrounding area continue to attract a broad cross-section of buyers.  No longer exclusively driven by local factors, prices continue to rise based on global influences as international buyers see value in real estate when compared to cities around the world.

Investors are drawn to Vancouver as well by the opportunities for development, and/or purchase of revenue generating property, supported by continued strong in-migration, a strong provincial economy, and growth in jobs and earnings resulting in residential vacancy rates of less than 1%.
Well-priced properties are attracting competing offers and are selling quickly, often at or above listed price.

On the Northshore, May 2007 saw sales rebound strongly with combined unit sales of 444, up 35% from April 2007 and on par with May 2006 performance.  Year over year prices continue to rise significantly across virtually all property types. 

 
West Vancouver / Howe Sound Market
Detached home sales of 104 units in May 2007 were up 35% vs. prior month sales of 62 units and 30% higher than May 2006.  YTD sales of 327 units are off 6.8% vs. same period last year.  YTD median price is up 7.1% at $1,350,000. 

Attached home sales of 8 units in May 2007 are on par with April 2007 but off 7 units from May 2006.  YTD sales of 28 units are off 57.1% (16 units) from the same period last year.  YTD median price is up 16.4% at $945,000.

Apartment home sales of 29 units in May 2007 are up 3 units from May 2006, with a YTD median price of $700,000 vs. $615,500 for the same period last year, an increase of 13.7%
 

North Vancouver Market
Detached home sales for May 2007 were 143 units, an increase of 18.2% from April 2007, and a decrease of 8.9% from May 2006. Median price is up 10.4% over May 2006.  YTD unit sales are off 6.3% at 531 units sold. Median price is up 7.8% at $785,000. 

Attached home sales of 41 units for May 2007 were off 11 units vs. May 2006 volume of 52 units a decrease of 21.2%. Median price is up 14.5% over May 2006 at $565,000.  YTD sales of 179 units are off 6 units from the same period last year, with a median price of $554,000, up 13.1% from prior year.

Apartment home sales of 119 units for May 2007 are up 5 units from May 2006 with a median price of $339,000, 7.1% higher vs. May 2006.  YTD sales of 469 units are up 7.6% over same period last year with median price up 11.1% at $328,900.

Sea To Sky Corridor Details
Howe Sound
Detached – YTD sales of 1 unit at $1,859,200 or $619.73 per sf (Waterfront Property)
Attached – YTD sales of 3 units at average price of $913,333 or $339.11 per sf

Lions Bay
Detached – YTD sales of 9 units at average price of $1,104,333 or $382.62 per sf.
Attached – YTD Sales of 1 unit at $405,000 or $337.50 per sf.

Furry Creek
Detached – YTD sales of 6 units at average price of $1,040,950 or $365.59 per sf.

We successfully launched Phase One of the ParkLane Homes Ocean Crest subdivision and SOLD OUT on the first weekend!  Visit this site regularly for news and updates on future new home releases at Furry Creek!

Britannia Beach
Land – YTD sales of 4 units at average price of $440,250 or $13.72 per sf.

 
If you or someone you know are thinking of buying or selling please give us a call.  We’re glad to help with your personal real estate needs.

 
Anita Schmitt, Realtor – Royal LePage Northshore  604.787.1456
Tom Davis, Realtor – Royal LePage Northshore 604.315.0172
 

This communication is not intended to cause or induce breach of an existing agency agreement.
 
Source of data – MLS Stats June 4, 2007