Greater Vancouver housing sales fall sharply in May compared to same month a year ago
The Real Estate Board of Greater Vancouver has reported a 15.5-percent decline in residential sales last month, compared to May 2011.
There were 2,853 transactions in May 2012—the lowest figure for the month since 2001 and 21.1 percent below the 10-year average for May.
The number of sales last month was on track with the 2,799 deals in April and 2,874 closings in March of this year.
The sharpest drop in sales involved detached housing, which fell 24.8 percent in May compared to the same month last year. Apartment sales were down 5.9 percent, and townhouse sales declined by 10.7 percent.
Prices remain high
Meanwhile, prices held up despite sluggish sales volumes over last month. The benchmark multiple-listings-sales price of $625,100 in the region was up 3.1 percent over May 2011.
The highest benchmark price in the region was for single-family detached houses in Vancouver's West Side: $2.25 million. That was 7.8 percent above the price a year ago for these properties.
Single-family homes in West Vancouver had a benchmark price of $1.95 million in May, up 12.3 percent over a year ago.
On the East Side of Vancouver, the benchmark price for a single-family home rose 8.7 percent in a year to $862,200.
The biggest annual price drop occurred in townhouses in Tsawwassen, which fell 6.2 percent to $476,100.
The next three largest annual price declines were with townhouses in Pitt Meadows (down 4.6 percent to $321,200), apartments in Maple Ridge (down 3.8 percent to $181,100), and apartments in Pitt Meadows (down 3.7 percent to $218,800).
The Real Estate Board of Greater Vancouver does not include Surrey and Langley, which are part of the Fraser Valley Real Estate Board.
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