Home buyer activity has risen throughout the summer months to more typical levels in Metro Vancouver.
The Greater Vancouver Real Estate Board (REBGV) reports that in August 2019, residential home sales in the region totaled 2,231, a 15.7% increase from the 1,929 sales recorded in August 2018, and a 12.7% decrease from the 2,557 homes sold in July 2019.
Sales last month were 9.2 percent below the average sales in August for 10 years.
“In July and August, home sales returned to a more historically ordinary level than in the first six months of the year.,” said REBGV President Ashley Smith.
At Metro Vancouver in August 2019, there were 3,747 detached, attached and newly listed apartment properties for sale on the Multiple Listing Service ® (MLS ®). This represents a decline of 3.5 percent compared to the 3,881 households mentioned in August 2018 and a decline of 18.8 percent compared to the 4,613 homes mentioned in July 2019.
The total number of homes currently listed on Metro Vancouver’s MLS ® system for sale is 13,396, a 13.3% increase over August 2018 (11,824) and a 5.9% decline over July 2019 (14,240).
For all property types, the sales-to-active listings ratio for August 2019 is 16.7 per cent. By type of property, the percentage for detached homes is 12%, for townhouses 18.4% and for apartments 21.2%.
Analysts generally claim downward pressure on home prices happens when the ratio falls below 12 percent over a continuous period of time, while home prices often experience upward pressure when they exceed 20 percent over several months.
“With more demand from home buyers, the supply of listed households for sale does not accumulate as in the previous year. These modifications create a more balanced market situation,” Smith said.
The composite benchmark cost of the MLS ® Home Price Index for all Metro Vancouver housing properties is presently $993,300. This reflects a decline of 8.3 percent over August 2018 and a decline of 0.2 percent over July 2019.
Detached house sales reached 706 in August 2019, up 24.5% from 567 detached sales in August 2018. For detached homes, the benchmark price is $1,406,700. This represents a decline of 9.8 percent from August 2018 and a decline of 0.7 percent from July 2019.
In August 2019, sales of apartment houses reached 1,116, an increase of 8.9 percent compared to August 2018’s 1,025 sales. A property’s benchmark cost is $654,000. This reflects a decline of 7.4 percent from August 2018 and an increase of 0.1 percent from July 2019.
Attached home sales totaled 409 in August 2019, up 21.4 percent from August 2018’s 337 revenues. A unit’s benchmark cost is $771,000. This represents a decline of 7.8% from August 2018, up 0.2% from July 2019.