The sales data from the first 2 weeks of May shows that real estate prices have begun falling. The Median price is off 6% already this month and every indicator is pointing towards a further decrease in price. Inventory is increasing, sales are slowing, new listings are high and the sales to active listings ratio is down 22% from just 2 months ago. Now, be careful to understand that this does not mean ALL property prices are decreasing, there is still tremendous activity and price growth for many sub $800k properties - but this is the beginning of the downward cycle in the market, putting an end to a 20 month bull-run that saw average home prices increase over $168,000.
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Dan Wurtele, PREC, REIA
604.809.0834
Ryan Dash PREC
778.898.0089
ryan@thevancouverlife.com
