The Multiple Listing Service® (MLS®) recorded a total of 77,331 residential unit sales in 2019, a decrease of 1.5% from the 78,516 units sold in 2018 as reported by the British Columbia Real Estate Association (BCREA). Furthermore, the total sales dollar volume was $54.2 billion, a 3% decrease from 2018. The previous year saw an average annual MLS® residential price at $711,564, when compared to $700,460, a decrease of 1.6%.
According to the BCREA Cheif Economist Brendon Ogmundson, "Housing markets across the province staged a strong recovery in the second half of 2019." He went on to add that "this sets up 2020 to be a much more typical year than what markets have experienced recently."
The MLS® residential unit sales went up by 48.9% from December 2018 to reach a total of 5,218. The average MLS® residential price also saw an increase of 8.7% from December 2018 and was recorded at $755,165. In addition, the total sales dollar volume was $3.9 billion, a 61.8% increase year-over-year.
There is a 10.6% decrease in the number of active residential listings to 24,691 units in December. The total inventory of homes for sale have decreased more than 10% on a year-over-year basis for two straight months.