Residential home sales in the region totalled 2016 in December 2019, an 88.1% increase from the 1,072 sales recorded in Dec 2018, and a 19.3% decrease from the 2,498 homes sold in November 2019.
Last month’s sales were 9.5% above the 10-year Dec sales average.
There were 1,588 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in Dec 2019. This represents a 12.9% increase compared to the 1,407 homes listed in Dec 2018 and a 46.8% decrease compared to November 2019 when 2,987 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,603, a 16.3% decrease compared to Dec 2018 (10,275) and a 20.1% decrease compared to November 2019 (10,770).
For all property types, the sales-to-active listings ratio for Dec 2019 is 23.4%. By property type, the ratio is 15.2% for detached homes, 25.7% for townhomes, and 32.5% for apartments.
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.
Sales of detached homes in Dec 2019 reached 599, a 72.1% increase from the 348 detached sales recorded in Dec 2018. The benchmark price for detached properties is $1,423,500. This represents a four% decrease from Dec 2018, and a 0.6% increase compared to November 2019.
Sales of apartment homes reached 1,053 in Dec 2019, a 96.8% increase compared to the 535 sales in Dec 2018. The benchmark price of an apartment property is $656,700. This represents a 2.7% decrease from Dec 2018, and a 0.8% increase compared to November 2019.
Attached home sales in Dec 2019 totalled 364, a 92.6% increase compared to the 189 sales in Dec 2018. The benchmark price of an attached home is $778,400. This represents a 2.4% decrease from Dec 2018, and a 0.7% increase compared to November 2019.
For more information please view the complete news release.