Home buyer demand has returned to more usual levels in Metro Vancouver over the last three months.
The residential home sales in the area has reached 2,333 in September 2019, when compared to 1,595 in September 2018, causing an increase of 46.3%. Last month"s sales peaked at 1.7%, which was below the 10 year September sales average.
According to Ashley Smith, REBGV president, "we're seeing more balanced housing market conditions over the last three months compared to what we saw at this time last year." Smith also added that "home buyers are more willing to make offers today, particularly in the townhome and apartment markets."
A total of 4,866 detached, attached and apartment units were newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2019. This shows a 7.8% decrease compared to the 5,279 homes that were on the market in September 2018 and a 29.9% increase compared to August 2019 when 3,747 homes were on the market. 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%. The ratio is 12.7% for detached homes, 18.9% for townhomes, and 21.9% for apartments. Analysts say that downward pressure on home prices happens when the ratio dips under 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 shows the average price for all residential homes in Metro Vancouver is currently $990,600. This shows a 7.3% reduction over September 2018 and a 0.3% reduction compared to August 2019.
Detached home sales reached 745 in September 2019, a 46.7% increase when compared to the 508 detached home sales recorded in September 2018. The average price for a detached home is $1,406,200. This represents an 8.6% reduction from September 2018 and is virtually unchanged compared to August 2019.
Sales of apartment homes peaked at 1,166 in September 2019, a 43.6% increase was seen compared to the 812 sales in September 2018. The price of an apartment listing is $651,500. This represents a 6.5% decrease from September 2018 and a 0.4% decrease compared to August 2019.
There were 422 attached home sales in September 2019, a 53.5% increase compared to the 275 sales in September 2018. The average price of an attached home is $767,500. This represents a 7.2% reduction from September 2018 and a 0.6% reduction compared to August 2019.
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