Jun 2007 4

Benchmark average price for a detached home reaches $700,000 in May

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Here is the news from the Real Estate Board of Vancouver, B.C. June 4, 2007.

"Traditionally May is one of the busiest periods in our market, and this past month was no exception," says RBGV predisent Brian Naphtali. "Realtors throughout the Greater Vancouver area are reporting brisk sales and the MLS® system is showing us that the average days a property spent on market dropped again for the forth consecutive month to 37 days."

"The biggest story this month is the pricing and sales of single family detached homes. For the first time in our Board’s history, the benchmark average price for a detached home passed the $700,000 mark. Greater Vancouver real estate is still a hot commodity and consumers are supporting that demand by investing in homes. This is supported by sales numbers as unit sales for detached homes also jumped significantly in a number of key reporting areas in May. These facts show us that despite continued price increases, appropriately priced properties are still finding the right buyers."

You can download the whole Vancouver real estate May 2007 news release here in PDF format.

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