2019’s Housing Market
Strong Sales Began in May 2019
If you’ve been paying attention to the market, you already know: 2019 was an unusual year for real estate sales in Metro Vancouver. This year, instead of a busy spring and a slower winter, we saw demand increase as the year closed, though not enough to reverse an overall trend.
Overall, Metro Vancouver’s housing market saw below-average sales and moderate price declines in 2019. Last year’s sales total was 20.3% below the region’s 10-year sales average.
“Buyer confidence was a factor throughout the year. In the first quarter, many prospective buyers were in a holding pattern, waiting to see how prices would react to the mortgage stress test, new taxes, and other policy changes,” said Ashley Smith, President of the Real Estate Board of Greater Vancouver (REBGV). “Confidence started to return in the summer, and we saw above-average sales in the final quarter of 2019.”
Benchmark prices decreased across all property types this year, with the MLS® composite benchmark price for all residential properties in Metro Vancouver ending the year at $1,001,000.
December 2019 Market Trends
Lack of Supply Resulting Limited Choices for Buyers.
Sales in December slowed when compared to November, but according to the REBGV, last month’s sales were 9.5% above the 10-year December sales average.
The REBGV reports that there were 2,016 residential home sales in the region in December 2019. Sales increased by 88.1% compared to December 2018 but decreased by 19.3% compared to November 2019.
There were 1,588 properties newly listed for sale on the MLS® in Metro Vancouver in December 2019. This number represents a 12.9% increase compared to December 2018 and a 46.8% decrease compared to November 2019.
There are 8,603 homes currently listed on the Multiple Listing Service® (MLS®) system in Metro Vancouver. This number represents a 20.1% decrease compared to November 2019, and a 16.3% decrease compared to December 2018.
December’s sales-to-active-listings ratio for all property types is 23.4%. By property type, that’s 15.2% for detached homes, 25.7% for townhomes, and 32.5% for apartments.
December 2019 Sales by Property Type
There were 599 sales of detached homes in December 2019, a 72.1% increase compared to December 2018. The benchmark price for detached properties is now $1,423,500. This number represents a 4% decrease from December 2018 and a 0.6% increase compared to November 2019.
Sales of apartment homes in December 2019 reached 1,053, representing a significant (96.8%) increase compared to December 2018. The apartment benchmark price is now $656,700. This price represents a slight (0.8%) increase compared to November 2019 but a 2.7% decrease from December 2018.
Attached home sales in December 2019 saw a 92.6% increase compared to last year, with 364 homes sold compared to 189 sales in December 2018. The benchmark price for attached homes is now $778,400. This price represents a 2.4% drop from December 2018 and a 0.7% increase compared to November 2019.
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