Blog: Vancouver Real Estate November 2018 Stats Videocast

Vancouver Real Estate November 2018 Stats Videocast

STATS!

Transcript:

A wait-and-see approach from homebuyers is allowing listings to accumulate and prices to edge down across the Metro Vancouver housing market. Let's take a closer look at the November numbers: Realtors registered just over 1,600 home sales on the MLS last month this is a 43% decline from the same period last year and is 35% below our ten-year November average. Historically low demand from home buyers is allowing the homes available for sale in the region to return to typical levels there were about three thousand five hundred homes newly added to the MLS in November bringing the total number of homes currently for sale to about twelve thousand three hundred. Home prices are dictated by supply and demand we measure this by looking at the total inventory of homes for sale and compare it to the number of sales during a given month we call this the sales to active listing ratio. Downward pressure on home prices occur when the ratio dips below to twelve percent mark while home prices can experience upward pressure when it surpasses twenty percent for sustained periods. This ratio for all property types across Metro Vancouver today is 13 percent which suggests a balanced market this is the fifth month in a row we've seen a balanced market. By property type we see detached homes are in buyers market territory, townhomes and condos are in a balanced market territory edging towards the buyers market range. The benchmark price for all residential homes in Metro Vancouver is down 1.4 percent over last year's record-setting figures this price blends all homes across the region giving you an idea of the overall trend of the market. Broken down by property type you'll see that prices have been edging down in all property types since the spring over the last six months. Detached homes have declined 6.6 percent, townhomes have declined 4 percent and apartments 5.5 percent. We will watch conditions in the first quarter of 2019 to see if homebuyer demand picks up ahead of our traditionally more active spring market. For further housing information go to the news and statistics section of this website for the real estate board of Greater Vancouver