Back to Blog

Home Sales and Listings just below 10-year Average

 

Home buyer and seller activity remains near historical averages in the Metro Vancouver housing market.


Residential home sales in the region totaled 2,214 in November 2016, a -0.9% from the 2,233 sales recorded in October 2016 and a -37.2% compared to November 2015 when 3,524 homes were sold.


Last month’s sales were 7.6% below the 10-year sales average for the month.


“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 (REBGV) president. 


New listings for detached, attached and apartment properties in Metro Vancouver totaled 3,147 in November 2016. This represents a -20.9% compared to the 3,981 units listed in October 2016 and a -7.2% compared to November 2015 when 3,392 properties were listed.


Last month’s new listing count was 1.2% below the region’s 10-year new listing average for the month.


The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,385, an 8.3 per cent decrease compared to October 2016 (9,143) and a 3.6 per cent increase compared to November 2015 (8,096).

The sales-to-active listings ratio for November 2016 is 26.4%. This is up 2% from last month (24.4%). 


Downward pressure on home prices can occur when the ratio dips below the 12% mark for a sustained period, while home prices can experience upward pressure when it surpasses 20% over several months.


“Demand, relative to supply, for detached homes is lower right now than demand for townhomes and apartments,” Morrison said. “This is causing prices to remain stable, or flat, for townhomes and apartments, while detached homes are seeing modest month-over-moth declines.”


Home buyer and seller activity remains near historical averages in the Metro Vancouver housing market.


Residential home sales in the region totaled 2,214 in November 2016, a -0.9% from the 2,233 sales recorded in October 2016 and a -37.2% compared to November 2015 when 3,524 homes were sold.


Last month’s sales were 7.6% below the 10-year sales average for the month.

“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 (REBGV) president. 


New listings for detached, attached and apartment properties in Metro Vancouver totaled 3,147 in November 2016. This represents a -20.9% compared to the 3,981 units listed in October 2016 and a -7.2% compared to November 2015 when 3,392 properties were listed.


Last month’s new listing count was 1.2% below the region’s 10-year new listing average for the month.


The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,385, an 8.3 per cent decrease compared to October 2016 (9,143) and a 3.6 per cent increase compared to November 2015 (8,096).

The sales-to-active listings ratio for November 2016 is 26.4%. This is up 2% from last month (24.4%). 


Downward pressure on home prices can occur when the ratio dips below the 12% mark for a sustained period, while home prices can experience upward pressure when it surpasses 20% over several months.


“Demand, relative to supply, for detached homes is lower right now than demand for townhomes and apartments,” Morrison said. “This is causing prices to remain stable, or flat, for townhomes and apartments, while detached homes are seeing modest month-over-moth declines.”


Read Full Story



For prompt, polite and professional service, always contact Eva Li of RE/MAX Central Realty