August brought us summer weather, the PNE Fair, and an increase in home buyer activity. The Real Estate Board of Greater Vancouver reports that the composite benchmark price remains below $1 million for the third month coming in at $993,300 for August 2019.
The Real Estate Board of Greater Vancouver saw residential homes sales total 2,231 for August 2019 which is a 15.7% increase from this time last year (1,929) and a 12.7% decrease from July 2019 (2.557).
Newly listed properties in August for Metro Vancouver reached 3,747 for all property types. This equates to a 18.8% decrease from July 2019 (4,613) and an 3.5% decrease compared to August 2018 (3,881).
Analysts generally agree that downward pressure on home prices occur when the sales-to-active ratio dips below 12% which is referred to as a Buyer’s Market, whereas home prices experience upward pressure when it goes beyond 20%, also referred to as a Seller’s Market. A Balanced Market is between the two. Metro Vancouver saw a slight decrease in the combined sales-to-active ratio from last month putting us in the mid-range of a balanced market with 16.7%.
Broken down by property type, the sales-to-active ratio for August was 12% for detached homes, 18.4% for townhouses, and 21.2% for condos. This means that both townhouses have moved into a high Balance Market, condos are still in a Seller's Market and the detached sector remains in the lower end of a Balanced Market.
The Real Estate Board of Greater Vancouver reports that the composite benchmark price remains below $1 million for the third month coming in at $993,300 for August 2019. This represents a 0.2% decrease from July 2019 and an 8.3% decrease from August 2018.
The total sales for August 2019 were 2,231. This works out to 701 detached homes with a benchmark price of $1,406,700, 409 townhouses with a benchmark price of $771,000, and 1,116 apartments with a benchmark price of $654,000.
Ready to jump into the market? Whether you’re looking to buy, sell, or learn more about what this means for you, reach out to us today!