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Metro Vancouver home sales return to historically typical levels after a quieter first half of 2019! Last month's sales were 4% above the 10-year November sales average. The Real Estate Board of Greater Vancouver reports that the composite benchmark price remains below $1 million for the sixth month coming in at $993,700 for November 2019.
The Real Estate Board of Greater Vancouver saw residential homes sales total 2,498 for November 2019 which is a 55.3% increase from this time last year (1,608) and a 12.6% decrease from October 2019 (2,858).
Newly listed properties in November for Metro Vancouver reached 2,987 for all property types. This equates to a 26.7% decrease from October 2019 (4,074) and a 13.7% decrease compared to November 2018 (3,461).
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 a Seller's Market with 23.2%.
Broken down by property type, the sales-to-active ratio for November was 17.2% for detached homes, 24.9% for townhouses, and 29.3% for condos. This means that townhouses have moved into a Seller's Market, condos are still in a Seller's Market and the detached sector remains in a Balanced Market.
The Real Estate Board of Greater Vancouver reports that the composite benchmark price remains below $1 million for the sixth month coming in at $993,700 for November 2019. This represents a 4.6% decrease from November 2018 and a 1.3% decrease over the past six months.
The total sales for November 2019 were 2,498. This works out to 825 detached homes with a benchmark price of $1,415,400, 451 townhouses with a benchmark price of $772,800, and 1,222 apartments with a benchmark price of $651,500.
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!
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.
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