August brought us the PNE and an increase in home buyer activity throughout the summer months. Vancouver housing market saw summer uptick in sales! 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 an 18.8% decrease from July 2019 (4,613) and a 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 increase 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 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 fourth month coming in at $993,300 for August 2019. This represents a 9.8% decrease from August 2018 and a 0.7% decrease from July 2019.
The total sales for August 2019 were 3,747. This works out to 706 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!