MLS High rise sales in bounced back a bit in May with increases in all the major markets. Total MLS high rise sales in May are estimated to be around 445 units; up by about 100 sales from April. Year-to-date MLS high rise sales at the end of May were up by 15% from the same period last year.
The average selling price for MLS high rise condos was $534,000 in May. This was down from $559,000 in April but still 8% higher than 12 months ago. Richmond and North Vancouver have experienced some of the sharpest increases in average MLS high prices over the past few months.
MLS high sales over the past three months have been strong for units under 700 square feet and priced below $350,000. About one-third of estimated potential demand is for units under 700 square feet but only 19% of current listings are in this size range.