Eitel Insights: May’s average sales price was $1.586 for Greater Vancouver’s Detached Market. The lowest such price for May in the past 5 years. Far from the peak of the Market in May 2017 when prices were at 1.830 Million.
As Eitel Insights has predicted the downtrends have taken hold of the Greater Vancouver Prices, and we will be continually testing previously established prices until the market bottoms likely in 2021 at either a 24% – 31% total correction.
Eitel Insights: The amount of available inventory continues to climb causing more of a competitive climate for sellers to achieve a sale. May 2019 saw 6771 active detached properties across Greater Vancouver, compared with only 4830 in May of 2016.
The inventory is in a strong uptrend with listings growing each quarter.
Eitel Insights: Yes, the sales numbers increased to 918 detached sales in May, the most in the past 12 months. However far from the peak of our spring in 2016 when in March sales were at 2150, and in May of the same year sales totaled 1873. A “properly priced” will always be able to achieve a sale, but the proper price is ever decreasing.
The demand has fallen off a cliff as the attached charts demonstrate. Also notice the downtrend in sales is sharp but there is a longer more prolonged downtrend that will force the market lower after this short term bump in sales comes to an end.