Homebuyer demand has returned to more historically typical levels in Metro Vancouver over the last three months.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,333 in September 2019, a 46.3% increase from the 1,595 sales recorded in September 2018, and a 4.6% increase from the 2,231 homes sold in August 2019.
Last month’s sales were 1.7% below the 10-year September sales average.
“We’re seeing more balanced housing market conditions over the last three months compared to what we saw at this time last year. Homebuyers are more willing to make offers today, particularly in the townhome and apartment markets.” – Ashley Smith, REBGV president
There were 4,866 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2019. This represents a 7.8% decrease compared to the 5,279 homes listed in September 2018 and a 29.9% increase compared to August 2019 when 3,747 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 13,439, a 2.7% increase compared to September 2018 (13,084) and a 0.3% increase compared to August 2019 (13,396).
For all property types, the sales-to-active listings ratio for September 2019 is 17.4%. By property type, the ratio is 12.7% for detached homes, 18.9% for townhomes, and 21.9% for apartments.
Sales-to-active listings ratio
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.
“This is a more comfortable market for people on both sides of a real estate transaction,” said Smith. “Home sale and listing activity were both at typical levels for our region in September.”
The MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver is currently $990,600. This represents a 7.3% decrease over September 2018 and a 0.3% decrease compared to August 2019.
Sales of detached homes in September 2019 reached 745, a 46.7% increase from the 508 detached sales recorded in September 2018. The benchmark price for a detached home is $1,406,200. This represents an 8.6% decrease from September 2018 and is virtually unchanged compared to August 2019.
Sales of apartment homes reached 1,166 in September 2019, a 43.6% increase compared to the 812 sales in September 2018. The benchmark price of an apartment property is $651,500. This represents a 6.5% decrease from September 2018 and a 0.4% decrease compared to August 2019.
Attached home sales in September 2019 totalled 422, a 53.5% increase compared to the 275 sales in September 2018. The benchmark price of an attached home is $767,500. This represents a 7.2% decrease from September 2018 and a 0.6% decrease compared to August 2019.
