Metro Vancouver housing market sees summer uptick in sales
Home buyer activity increased to more typical levels in Metro Vancouver throughout the summer months.
Total home sales in the residential sector for August 2019 totalled 2,231, representing a 15.7% increase from the August 2018 sales recorded of 1,929 homes sold. Sales did decrease however, 12.7% over last month. Last month’s sales were 9.2% below the 10-year August sales average.
Ashley Smith, REBGV president states, “home sales returned to more historically normal levels in July and August compared to what we saw in the first six months of the year.”
On the supply side, there were 3,747 newly listed homes comprising of the detached, apartment, and attached residences. This reflects a decrease of 3.5% compared to homes listed in August 2018 and an 18.8% decrease in comparison to the 4,613 newly listed homes last month.
MLS current listings are 13,396 or 13.3% higher than August 2018, whereby listings totalled 11,824. In comparison to July 2019, MLS recorded a decrease of 5.9%.
The sales to activity ratio in August 2019 was 12% for detached, 18.4% for attached (townhouse) and 21.2% for condos. Overall, across all property types, the sales to activity listing ratio were 16.7%.
“With more demand from home buyers, the supply of homes listed for sale isn’t accumulating like earlier in the year. These changes are creating more balanced market conditions,” Smith said.
Metro Vancouver benchmark price for all residential homes currently sits at $993,300 as indicated by the MLS Home Price Index composite. That is an 8.3% decrease over August 2018 and a 0.2% drop compared to July 2019.
August 2019 saw detached housing increase 24.5% (706) from August 2018 (567). Currently, the detached home benchmark sits at $1,406,700 a 9.8% decrease from August 2018 stats and 0.7% decrease compared to July 2019.
The benchmark price for apartments is currently $654,000. This represents a 7.4 % decrease from August 2018 and a 0.1% increase compared to July 2019.
Lastly, Townhomes or attached homes, sales totals for July were 409, showing a 21.4% increase compared to August 2018 where 337 sales were recorded. The attached home benchmark price currently sits at $771,000 a 7.8% decrease in comparison to August 2018 and a 0.2% increase compared to July 2019.
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