Port Moody Real Estate News

The May press release by Real Estate Board of Greater Vancouver (REBGV) was titled 'Greater Vancouver housing market holds steady and favours sellers in May'. Overall, sales of residential properties increased both monthly and yearly comparatively; sales of detached, attached and apartment properties in Greater Vancouver reached 3,377 in May 2011, a 7% jump compared to the 3,156 sales in May 2010 and a 4.7% jump compared to the 3,225 sales in April 2011.

The REBGV is a member-based association of more than 10,000 REALTORS®, and the area covers communities from Whistler to Maple Ridge to Tsawwassen and everywhere in between. The numbers within each of the areas that the REBGV covers vary widely with some areas doing a lot better than others. Port Moody real estate numbers were pretty static on a monthly and yearly basis. The REBGV MLS® Port Moody sales facts showed that there were 28 detached properties sold in May, 22 attached, and 25 condos or apartments sold. This compares to 23/24/26 in April 2011 and 21/23/27 in May 2010.

In regards to the REBGV listings facts issued, Port Moody had 44 new detached properties listed in May, 35 attached properties, and 59 condos or apartments listed. In regards to the percentage of sales to listings, the numbers were 64%, 63% and 42% respectively.

Port Moody real estate prices remain great value compared to other areas in the Greater Vancouver area. The Canada Mortgage and Housing Corporation (CMHC) reported that in the first quarter of 2011 apartment or condominium prices were lower than last year in Burnaby, North Vancouver, Maple Ridge/Pitt Meadows and Port Moody, offering home buyers more modestly priced housing options. According to the REBGV's MLS Link Price Index, the benchmark price for a residential property in Greater Vancouver was $627,568 for April 2011. This was broken down to $890,833 for detached properties, $517,787 for attached, and $407,419 for condos or apartments. Port Moody property prices are well below these benchmark prices: In Port Moody the benchmark price for a detached property was $729,415, for an attached property it was $425,666, and for a condo or apartment it was $303,265.

For the full breakdown on Port Moody real estate numbers for May, see the Real Estate Board of Greater Vancouver website.