Shifting regional demand produces similar results

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Image courtesy nelsonlocal.com

The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through the Multiple Listing Service® (MLS®) in B.C. declined 14.5 per cent to $4.0 billion in May compared to the same month last year. A total of 7,715 MLS® residential unit sales were recorded over the same period, down 1.8 per cent from May 2011. The average MLS® residential price was $519,923, 12.9 per cent lower than a year ago.

"B.C. home sales were back on track in April and May compared with last year's performance, after falling short of the unusually strong first quarter of 2011," said Cameron Muir, BCREA chief economist. "Recovery of the B.C. Interior housing markets continued unabated in May, despite a nearly 16 per cent dip in home sales in Vancouver, provincial totals were down just two per cent from levels a year ago."

Year-to-date, the B.C. residential sales dollar volume declined 15.5 per cent to $17 billion, compared to the same period last year. Residential unit sales dipped 7.9 per cent to 31,497 units, while the average MLS® residential price was 8.3 per cent lower at $540,270.