November 2019 Market Update
Vancouver Real Estate
metro vancouver home sales return to
historically typical levels
After a quieter first half of 2019, home buyer activity has returned to more historically typical levels in Metro Vancouver.
Sales in Greater Vancouver totalled 2,498 in November 2019, a 55.3% increase from the 1,608 sales recorded in November 2018, and a 12.6% decline from the 2,858 homes sold in Ocotber 2019.
Last month’s sales were 4% below the 10-year November sales average.
“Home sales started to climb back to more typical levels this summer. This trend continues today,” Ashley Smith, REBGV president said. ”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.”
The total number of homes currently listed for sale on the MLS® in Metro Vancouver is 10,770, a 12.5% decrease compared to November 2018 (12,307) and a 12% decrease compared to Ocotber 2019 (12,236).
For all property types, the sales-to-active listings ratio for November 2019 is 23.2%. By property type, the ratio is 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. This represents an 4.6% decrease from November 2018 and a 1.3% decrease over the past 6 months.
Metro Vancouver: Breaking It Down By Housing Type
DETACHED HOMES
Sales of Detached properties in November 2019 reached 833, a 60.5% increase from November 2018. The benchmark price for detached properties is $1,415,400. This represents an 5.8% decrease from November 2018.
TOWNHOMES
Sales of Townhomes in November 2019 reached 397, a 55.1% increase from November 2018. The benchmark price for Townhomes is $772,800. This represents a 4.4% decrease from November 2018.
CONDOS
Sales of Condos in November 2019 reached 1,220, a 49.9% increase from November 2018. The benchmark price for condo properties is $651,500. This represents a 3.8% decrease from November 2018.
