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!