November Home Sales In Vancouver Up 26%

November Home Sales In Vancouver Up 26%

 

Home sales in Vancouver are once again up year over year as well as for the ten year mark. The real estate board of greater Vancouver has given the data below and we have put it together so you can see how healthy the market is for yourself.

There were 2,795 home sales in Greater Vancouver last month, up 26.2% increase from the 2,214 sales of November 2016, according to statistics released by the Real Estate Board of Greater Vancouver (REBGV) December 4.

It’s a 7.5% fall from the spike of activity seen in October this year, as the market cools for the winter season.  

The sales total is high for any November, at 17% higher than the 10-year average for the month. In the last five years, last month was the second highest total.

There were 4,109 homes newly listed in November 2017, a rise of 30.6% compared with November 2016, when the slow market was causing sellers to list with caution. However, it’s a 9.5% drop from October 2017, as sellers wind down for the colder season.

This brings the total number of homes currently listed for sale on Greater Vancouver’s MLS® to 8,747, a 4.3% year-over-year increase and a 4.3% month-over-month decrease since October 2017.

The board reported the sales-to-active listings ratio for November 2017 as 33%, which indicates a continued strong seller’s market. Broken out by property type, the ratio is 15.9% for detached homes (a balanced market), 36.4% for townhomes and a very high 67.8% for condos.

The composite benchmark price for all home types combined across the region broke another new record, now at $1,046,900. This is a 14% increase over November 2016 and a slight 0.4% rise compared with October 2017.

See the records for sales and prices by home type below.

There were 841 single-family home sales across the region in November – a 31.8% increase from the 638 detached sales of November 2016, but a 10.5% drop since October.

The benchmark price of a detached home in the region failed to break new records, sliding 0.1% month over month to $1,608,000 – still 6.1% higher than November last year.

Sales of attached properties such as townhomes, duplexes and rowhouses totalled 446 in November 2017. This is an 18.6% rise from the 376 sales in November 2016, but a drop of 18.9% compared with the hot activity of October.

The benchmark price of an attached unit stood at $805,200 as of the end of November. This is 17.9% higher than in November 2016 and a 0.3% more than October 2017.

Greater Vancouver condo sales continued to outperform other home types, with 1,508 sales in November. This is a 25.7% increase compared with the 1,200 sales in November 2016, and a surprisingly slight decline from October’s hot activity, down just 1.6%.

A typical condo property in the region is now benchmarked at $648,200. This figure is 23.9% more than November 2016 and a rise of 1% compared with October 2017.

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