We’re now officially in the last quarter of the year! Here’s our monthly market update for areas covered by the Real Estate Board of Greater Vancouver (REBGV)!
In their latest media release, the REBGV is reporting that increased demand has helped the housing market reach balanced territory in September. In fact, home buyer demand has returned to more historically typical levels in Metro Vancouver over the last three months.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,333 in September 2019, a 46.3% increase from the 1,595 sales recorded in September 2018, and a 4.6% increase from the 2,231 homes sold in August 2019.
According to Ashley Smith, REBGV president,
“We’re seeing more balanced housing market conditions over the last three months compared to what we saw at this time last year. Home buyers are more willing to make offers today, particularly in the townhome and apartment markets. This is a more comfortable market for people on both sides of a real estate transaction. Home sale and listing activity were both at typical levels for our region in September.”
There were 4,866 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2019. This represents a 7.8% decrease compared to the 5,279 homes listed in September 2018 and a 29.9% increase compared to August 2019 when 3,747 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 13,439, a 2.7% increase compared to September 2018 (13,084) and a 0.3% increase compared to August 2019 (13,396).
For all property types, the sales-to-active listings ratio for September 2019 is 17.4%. By property type, the ratio is 12.7% for detached homes, 18.9% for townhomes, and 21.9% for apartments.
The following data is a comparison between September 2018 and September 2019 numbers, and is current as of October 2019. For last month’s update, you can check out our previous post for August 2019 data.
These infographics cover current trends in North Vancouver, West Vancouver, Vancouver East, and Vancouver West.