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Home sales in Metro Vancouver were only 7.6% below the 10-year sales average for November. “While 2016 has been anything but a normal year for the Metro Vancouver housing market, supply and demand totals have returned to more historically normal levels over the last few months,” said Dan Morrison, Real Estate Board of Greater Vancouver president.

 

Overall, residential home sales totalled 2,214; a decrease of 0.9% from October 2016 and a 37.2% decrease from November 2015. Detached homes are seeing the most impact at the moment, as demand (relative to supply) for them is lower than for townhomes and apartments. This is causing a stabilizing effect on prices for townhomes and apartments, while detached homes are on a modest price decline.


The November Numbers:

New Listings (detached, attached, and apartment): 3,147
7.2% decrease from November 2015
20.9% decrease from October 2016

1.2% below the 10-year average for the month


Total Active listings on MLS®: 8,385
3.6% increase from November 2015
8.3% decrease from October 2016


Sales-to-Active-Listings ratio: 26.4%

 

Benchmark price for all residential properties: $908,300
20.5% increase from November 2015
1.2% decrease from October 2016


Benchmark price for a detached property is $1,511,100
23% increase from November 2015
2.2% decrease from October 2016


Detached property sales totaled 638
52.2% decrease from November 2015
2.1% decrease from October 2016

Benchmark price for an apartment property is $512,100
18% increase from November 2015
0% increase from October 2016


Apartment property sales totaled 1,200
22.7% decrease from November 2015
1.9% increase from October 2016


Benchmark price for an attached unit is $667,100
23% increase from November 2015
0.3% decrease from October 2016


Attached property sales totaled 376
40.9% decrease from November 2015
6.7% decrease from October 2016

 

Download the sales reports here:

 

For a complete comparison, visit rebgv.org. Want to sell, buy, or require a consultation? Contact me today!

 

*REBGV Editor’s Note:  Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.

 

Image credit: Shaundd