August 2019 Market Update
Vancouver Real Estate
housing market sees summer uptick in sales
Home buyer activity increased to more typical levels in Metro Vancouver throughout the summer months.
Sales in Greater Vancouver totalled 2,231 in August 2019, a 15.7% increase from the 1,929 sales recorded in August 2018, and a 12.7% decrease from the 2,577 homes sold in July 2019.
Last month’s sales were 9.2% below the 10-year August sales average.
“Home sales returned to more historically normal levels in July and August compared to what we saw in the first six months of the year,” Ashley Smith, REBGV president said.
The total number of homes currently listed for sale on the MLS® in Metro Vancouver is 13,396, a 13.3% increase compared to August 2018 (11,824) and a 5.9% decrease compared to July 2019 (14,240).
For all property types, the sales-to-active listings ratio for August 2019 is 16.7%. By property type, the ratio is 12% for detached homes, 18.4% for townhomes, and 21.2% for apartments.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $993,300. This represents an 8.3% decrease over August 2018 and a 0.2% decrease compared to July 2019.
Metro Vancouver: Breaking It Down By Housing Type
DETACHED HOMES
Sales of Detached properties in August 2019 reached 713, a 23.8% increase from August 2018. The benchmark price for detached properties is $1,406,700. This represents an 9.8% decrease from August 2018.
TOWNHOMES
Sales of Townhomes in Augusty 2019 reached 345, a 17.3% increase from August 2018. The benchmark price for Townhomes is $771,900. This represents a 7.8% decrease from August 2018.
CONDOS
Sales of Condos in August 2019 reached 1,119, a 8.9% increase from August 2018. The benchmark price for condo properties is $654,000. This represents a 7.4% decrease from August 2018.
