The Real Estate Board of Greater Vancouver released the data pertaining to the local market for the month of April with the obligatory 'toot - toot' and press release printed in the local rags. Here is the press release:
VANCOUVER -- Sales edged down and new listings took another big jump during April in Greater Vancouver's real estate markets, although so-called benchmark prices remain higher than they did a year ago, according to real estate board figures.
The Real Estate Board of Greater Vancouver reported 3,218 sales through the Multiple Listings Service, a five-per-cent decline from the same month a year ago. New listings added to inventory were up almost 26 per cent to 7,010, although board president Dave Watt, in a news release, said homes, on average, took six fewer days to sell than in April of last year. "Residential sales continue to be strong, but there is a lot more choice on the market today," Watt added.
The benchmark price of what is considered to be a typical detached home on the board's housing price index was $771,321, up 11 per cent from April a year ago. For townhouses, the $477,900 benchmark price was up 1.05 per cent from a year ago. For condominiums, the benchmark was $389,070, up 9.6 per cent a year ago but down slightly from the previous month.
Average prices for detached homes and apartments, however, were both down from the previous month. In April, the average detached home across the region was $880,844 in April compared with $919,593 in March. The April average for townhouse prices was $509,809, down slightly from $510,428 in March.
This release in indicative of a 'balanced market' very similar to last month although many signs point to big moves ahead of the negative price action variety. With the current rate of increase in the active inventory and the lower level of sales it is only a matter of time before sellers cut prices to attract buyers.
Here are the visuals.