Metro Vancouver housing market experienced below average sales activity and moderate price declines in 2019 despite increased demand to end the year. Last year's sales total was 20.3% below the region's 10-year sales average.
The Real Estate Board of Greater Vancouver saw residential homes sales total 2,016 for December 2019 which is a 88.1% increase from this time last year (1,072) and a 19.3% decrease from November 2019 (2,498).
Newly listed properties in December for Metro Vancouver reached 1,588 for all property types. This equates to a 46.8% decrease from November 2019 (2,987) and a 12.9% increase compared to December 2018 (1,407).
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 keeping us in a Seller's Market with 23.4%.
Broken down by property type, the sales-to-active ratio for December was 15.2% for detached homes, 25.7% for townhouses, and 32.5% for condos. This means that townhouses are still in a Seller's Market, condos are in a high 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 is now above $1 million to end the year. This represents a 3.1% decrease from December 2018.
The total sales for December 2019 were 2,016. This works out to 599 detached homes with a benchmark price of $1,423,500, 364 townhouses with a benchmark price of $778,400, and 1,053 apartments with a benchmark price of $656,700.
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