At Oakwyn we’re always wanting to present the facts in an engaging way. Every month, one of our agents will unpick current market statistics from the Real Estate Board of Greater Vancouver to help you understand what’s going on in the real estate market and what you should be looking out for.
For May 2021 statistics, we have Oakwyn agent Adam Chahl here for his statistics report.
No Longer Setting Records
As May 2021 statistics show, we saw 4,268 sales during the month of May. This is actually 13% less than we saw in April, the month prior. We’re no longer setting records!
For the past few months, we’ve been seeing recording-setting figures. See March and April reports for reference. We’re no longer in that territory anymore, so that’s really interesting when we look at the market.
Adam's Key Findings
May 2021 statistics show that in Vancouver, if we look at the average house price for all property types, last month it was 1,172,000. That’s still 14% up, year on year, and 1.5% up from the previous month of April.
However, the number of active listings is also up at almost at 11,000. Last month we had 10,970 on the market which is 7% increase from April. This is translating into buyers having a little bit more choice than they had in the previous few months. We’re not saying that the market is returning to a balance or a buyer’s market but it’s teetering back from that peak of a seller’s market that we’ve been seeing for the past few months.
What we’re seeing in the market that’s not really reflected in the statistics yet is fewer multiple offers and fewer subject-free offers. It could be a sign that if buyers have a little more choice, there’s a little less pressure, which means a little less stress on the market. Adam expects we may see things return from the peak that we’ve had for the last few months.
Get in Touch!
Work with your Oakwyn agent, work with your trusted real estate advisor, and come up with a plan that makes sense for you in 2021 if you’re thinking about making a move.