Increased demand in September helped housing market reach balanced territory! Home buyer demand has returned to more historically typical levels in Metro Vancouver. The Real Estate Board of Greater Vancouver reports that the composite benchmark price remains below $1 million for the fourth month coming in at $990,600 for September 2019.
The Real Estate Board of Greater Vancouver saw residential homes sales total 2,333 for September 2019 which is a 46.3% increase from this time last year (1,595) and a 4.6% increase from August 2019 (2,231).
Newly listed properties in September for Metro Vancouver reached 4,866 for all property types. This equates to a 29.9% increase from August 2019 (3,747) and a 7.8% decrease compared to September 2018 (5,279).
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 17.4%.
Broken down by property type, the sales-to-active ratio for September was 12.7% for detached homes, 18.9% for townhouses, and 21.9% 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 $990,600 for September 2019. This represents a 7.3% decrease from September 2018 and a 0.3% decrease from August 2019.
The total sales for September 2019 were 3,747. This works out to 745 detached homes with a benchmark price of $1,406,200, 422 townhouses with a benchmark price of $767,500, and 1,166 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!