Although home sales in Metro Vancouver have been slower this year, November saw activities return to more historically average numbers. According to the Real Estate Board of Greater Vancouver (REBGV), last month’s sales were 4% above the 10-year November sales average.
As the year draws to a close, Metro Vancouver’s real estate market is showing promise for increased sales.
Downward Pressure Continues
There are 10,770 homes currently listed on the Multiple Listing Service® (MLS®) system in Metro Vancouver. This number represents a 12% decrease compared to October 2019, and a 12.5% decrease compared to November 2018.
The sales-to-active-listings ratio for November 2019 is 23.2%. By property type, that’s 17.2% for detached homes, 24.9% for townhomes, and 29.3% for apartments.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $993,700, a slight increase from October 2019. The composite benchmark price has decreased by 1.3% over the past six months and decreased by 4.6% from November 2018.
The continued downward pressure on home prices is a result of the sales-to-active-listings ratio falling below 12% for a sustained period. Upward pressure on price occurs when the ratio is above 20% for several months.
“In today’s market, the intensity of home buyer demand depends on neighbourhood, property type, and price point,” says Ashley Smith, REBGV president. “To better understand the changing trends in your neighbourhood and property type of choice, it’s important to work with your local REALTOR®.”
Historically Typical Housing Market
“We started to see more home buyer confidence in the summer, and this trend continues today,” says Smith. “It’ll be important to watch home listing levels over the next few months to see if supply can stay in line with home buyer demand.”
There were 825 sales of detached homes in November 2019, a 59.9% increase compared to November 2018. This number represents a 0.5% decrease over the past six months and a 0.2% decrease from October 2019.
Sales of apartment homes in November 2019 reached 1,222, representing a significant (50.9%) increase compared to November 2018. This increase is likely due to the decrease in apartment benchmark prices, which fell by 3.8% from November 2018 and 1.9% over the past six months.
Attached home sales in November 2019 saw a 59.9% increase compared to last year, with 451 homes sold compared to 282 sales in November 2018. This increase in attached home sales can similarly be attributed to a decreased benchmark price of $772,800. This price represents a 4.4% drop from November 2018 and a 0.8% decrease over the past six months, but a small (0.2%) increase compared to October 2019.
Consult Your REALTOR®
The market can be confusing to interpret, but you don’t have to do it alone. If you’re considering a move, talking to one of Stilhavn’s expert REALTORS® can help. Finding your havn has never been so easy!
