Metro Vancouver home sales returned to the historically typical level. After a quieter first half of 2019, home buyer activity has returned to more historically typical levels in Metro Vancouver.
2019 VS. 2018:
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 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 October 2019.
NOVEMBER 2019 VS. NOVEMBER 2018:
- Sales of detached homes in November 2019 reached 825, a 59.9% increase from the 516 detached sales recorded in November 2018. The benchmark price for a detached home is $1,415,400. This represents a 5.8% decrease from November 2018, a 0.5% decrease over the past six months, and a 0.3% increase compared to October 2019.
- Sales of apartment homes reached 1,222 in November 2019; a 50.9% increase compared to the 810 sales in November 2018. The benchmark price of an apartment home is $651,500. This represents a 3.8% decrease from November 2018, a 1.9% decrease over the past six months, and a 0.2% decline compared to October 2019.
- Townhome sales in November 2019 totaled 451, a 59.9% increase compared to the 282 sales in November 2018. The benchmark price of an attached home is $772,800. This represents a 4.4% decrease from November 2018, a 0.8% decrease over the past six months, and a 0.2% increase compared to October 2019.
Last month’s sales were 4% above the 10-year November sales average.
There were 2,987 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2019. This represents a 13.7% decrease compared to the 3,461 homes listed in November 2018 and a 26.7% decrease compared to October 2019 when 4,074 homes were listed.The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,770, a 12.5% decrease compared to November 2018 (12,307) and a 12% decrease compared to October 2019 (12,236).
MLS HOME PRICE INDEX:
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $993,700. This represents a 4.6% decrease from November 2018 and a 1.3% decrease over the past six months.
SALES-TO-ACTIVE LISTINGS RATIO:
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.