The 1st of June doesn’t just mark the beginning of a new month; it also means it’s almost a new season! As we hurtle toward summer, the Vancouver Real Estate Board of Greater Vancouver has released a report that gets us reflecting on the spring housing market in Vancouver.
According to the report, the number of sale listings in Greater Vancouver continued to increase in May. With 6,927 listings for detached, attached and apartment properties in May 2012, there was a 16.8 per cent increase from May 2011.
However, the number of sales decreased year over year. In May 2012, there was a 15.5 per cent decline in sales compared to May 2011. It’s not all bad news though. The year over year sale decrease was relatively constant compared to recent months. There were 2,853 sales in May and 2,874 sales in March and 2,799 in April.
According to the president of REBGV Eugen Klein, “Home sellers have outpaced buyers in recent months, however, there continues to be an overall balance between supply and demand in our marketplace.”
We’re looking forward to see what the summer holds for the Vancouver housing market. Keep checking back for the buzz.