The increase in the supply of new listings and reduced sales in Vancouver West for May may signal the end of the price escalation. Elsewhere, the months of inventory are increasing at a rapid rate. Richmond is projected to reach a balanced market in another 2 months as the May’s ratio is at 4.39.
In contrast, townhome and condo sale in Vancouver West registered the 1st month of declining sales volume. As for detached homes, May registered the second month in the decline of the aggregate sales volume. The overall market is not showing any sign of a major price correction. Some sellers are now adjusting to the slower market by reducing their selling prices.
Some weak home sellers sensing the weakening market, may start cutting prices to dispose their homes. Vancouver West will likely follow the other municipalities, posting sales decline in the coming months. The charts here showed the 12 months Vancouver West housing sales values for detached homes, townhouses and condos are declining.