Hi, it's Cari Mai and this is your Vancouver real estate market update for June 2023.
Last month's sales were over 20% more than in April -- this is significantly more than the usual 4% bump in sales between the months of April and May. We're still seeing more available buyers relative to the number of sellers in the market which is the reason for keeping prices up and homes in short supply.
Home sales for May went back to historical averages even though mortgage interest rates are where they are now and also with fewer new listings hitting the market than usual this Spring. Home sales volumes are up 16% from May 2022. Imagine if mortgage rates weren't holding back so much of the market activity, Vancouver's real estate market could look a lot like what it was during the pandemic peak.
MLS benchmark price for all home types in Greater Vancouver is $1,188,000. That's a 6% decrease from May 2022 and over a 1% increase from April this year. We're into the 4th consecutive month of a seller's market overall with only 2.6 months of inventory across all home types.
However, we are still seeing activity in various neighbourhoods across Greater Vancouver fare differently. For a more in-depth overview of what's going on in your neighbourhood, contact me directly for a specific update!
Thanks for tuning in!