Listings continue to rise across Metro Vancouver in all home categories. Conversely, home buyer numbers remain historically low.
Total home sales in the residential sector for January 2019 totaled 1,103. This represents a 39.3% decrease compared to January of 2018 where 1,818 sales were recorded in the same month. January sales were at the lowest since January 2009 and 36.3 % below the January 10 year average sales. Residential sales, however, were up from December of 2018 by 2.9% or 1,072.
MLS or Multiple Listing Service recorded 4,848 residential homes for January, 2,910 were newly listed comprising of the detached, apartment, and attached residences. This reflects an increase of 27.7%. Homes listed in January of 2018 totaled 3,796, an increase of 244.6% in comparison to listings in December of 2018.
MLS current listings are 10,808 or 55.6% higher than January of 2018, whereby listings totaled 6,947. The January 2019 listings come in at 5.2% higher than December of 2018 representing 10,275 Metro Vancouver listings.
The sales to activity ratio in January 2019 were 6.8% for detached, 11.9% for attached (townhouse) and 13.6% for condos. Overall, across all property types, the sales to activity listing ratio were 10.2%.
January 2019 Sales-to-active listings ratio
“Home prices have edged down across all home types in the region over the last seven months,” says Phil Moore, President of the Vancouver Real Estate Board.
The general rule of thumb for analysts is home prices adjust downward when the sales to activity ratio drop below 12% for a sustained time. Home prices increase when this ratio exceeds 20% for a sustained period of time. Usually several months in concession. Generally, analysts say that downward pressure on (missing something)
Metro Vancouver benchmark price for all residential homes currently sits at $1,010,600 as indicated by the MLS Home Price Index composite. That is a 4.5% decrease over January of 2018 and a 7.2% drop over the last 6 months.
“Economic fundamentals underpinning our market for home buyers and sellers remain strong. Today’s market conditions are largely the result of the mortgage stress test that the federal government imposed at the beginning of last year,” Moore said. “This measure, coupled with an increase in mortgage rates, took away as much as 25 percent of purchasing power from many home buyers trying to enter the market. “
January 2019 saw detached housing decrease 30.4% (339) from the detached sales record of January 2018 (487). Currently, the detached home benchmark sits at $1,453,400 a 9.1% decrease from January 2018 stats and an overall 8.3% drop over the past 6 months for detached homes.
The condo benchmark price is currently $658,600 representing a 1.7% decrease over January of 2018 or 6.6% decrease over the last 6 months. Sales came in at 559 in January of 2019 and 1,012 for January of 2018 representing a decrease of 44.8%.
Townhomes or attached homes, sales totals for January were 205 showing a 35.7% decrease over January of 2018 where sales came in at 319. The townhome or attached home benchmark price currently sits at $800,600 a 0.5% decrease over January of 2018 and a 6.2% decrease over the last 6 months.
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