Home sale and listing activity continue trending below long-term averages in November.
The Real Estate Board of Greater Vancouver saw residential homes sales total 1,614 in November 2022 which is a 52.9% decrease from this time last year (3,428) and a 15.2% decrease from the 1,903 homes sold in October 2022. Last month's sales were 36.9% below the 10-year November sales average.
Newly listed properties in November for Metro Vancouver reached 3,055 for all property types. This equates to a 22.9% decrease from November 2021 (3,964) and a 24.2% decrease compared to October 2022 (4,033).
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 decrease in the combined sales-to-active ratio from last month and now we are in a Balanced Market.
Broken down by property type, the sales-to-active ratio for November 2022 is 13.2% for detached homes, 19.7% for townhouses, and 20.8% for condos. This means that townhouses are in a Balanced Market, condos are in a Seller's Market as well and the detached sector is in a Balanced Market.
The Real Estate Board of Greater Vancouver reports that the composite benchmark price is currently above $1 million at $1,131,600 this represents a 0.6% decrease over November 2021.
The total sales for November 2022 were 1,614. This works out to 486 detached homes with a benchmark price of $1,856,800, 281 townhouses with a benchmark price of $1,027,900 and 847 apartments with a benchmark price of $720,500.
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!