Metro Vancouver housing market has experienced a fall pickup in home sale activity this past month! Last month's sales were 9.8% above the 10-year October sales average. The Real Estate Board of Greater Vancouver reports that the composite benchmark price remains below $1 million for the fifth month coming in at $992,900 for October 2019.
The Real Estate Board of Greater Vancouver saw residential homes sales total 2,858 for October 2019 which is a 45.4% increase from this time last year (1,966) and a 22.5% increase from September 2019 (2,333).
Newly listed properties in October for Metro Vancouver reached 4,074 for all property types. This equates to a 16.3% decrease from September 2019 (4,866) and a 16.4% decrease compared to October 2018 (4,873).
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 23.4%.
Broken down by property type, the sales-to-active ratio for October was 17.3% for detached homes, 26.2% for townhouses, and 29% 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 fifth month coming in at $992,900 for October 2019. This represents a 6.4% decrease from October 2018 and a 0.2% increase from September 2019.
The total sales for October 2019 were 4,074. This works out to 938 detached homes with a benchmark price of $1,410,500, 536 townhouses with a benchmark price of $771,600, and 1,384 apartments with a benchmark price of $652,500.
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!