Sale Resurgence Continues
Confidence has returned to the Real Estate Board of Greater Vancouver (REBGV) market as sales levels, while short of record marks set in the past 2 years, were 23.7% above the 10 year average and this was the 3rd highest selling May on record!
Thanks for taking the time to look at my monthly real estate update for South Delta and the REBGV.
Here is a link to the complete set of charts and graphs.
Here is a link to the Real Estate Board of Greater Vancouver media release.
Sales and Listings
Detached sales have rebounded to levels somewhere between those of 2014 & 2015 at 1553 units while listings seem well matched at just under 5000 units.
Attached and apartment sales are especially strong with particularly low listing supply for apartments and where bidding wars are the norm in popular areas.
“Demand for condominiums and townhomes is driving today’s activity,” Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president said. “First-time buyers and people looking to downsize from their single-family homes are both competing for these two types of housing.”
Locally the detached markets have picked up again with well priced homes selling readily. Supply levels remain relatively healthy giving home buyers some good options.
Attached market dynamics are currently driven by new projects, especially Polygon’s Hampton Cove in Marina Garden Estates where their ‘priced to sell’ product typically enjoys brisk sales. Apartment listing levels are particularly low at 31 compared to one month sales of 19 units.
Detached price levels that declined over the winter have now returned to peak 2016 levels. Apartment prices have soared for the past 4 months in the face of strong demand and very limited supply.
The real estate market is active again!
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