Vancouver home buying activity increased sharply last month
Homebuyers in Metro Vancouver got busy in October with homes sales up more than 22% from the previous month.
Sales totaled 2,858, jumping 45.4% year-over-year and exceeding the 10-year October sales average by almost 10%.
Figures from the Real Estate Board of Greater Vancouver show that listings eased by more than 16% year-over-year and month-over-month with 4,074 detached, attached, and apartments newly listed in the month.
“Home buyers have more confidence today than we saw in the first half of the year,” says Ashley Smith, REBGV president. “With prices edging down over the last year and interest rates remaining low, hopeful home buyers are becoming more active this fall.”
Inventory totaled 12,236 which is 5.8% lower than in October 2018 and down 9% from September 2019.
For all property types, the sales-to-active listings ratio for October 2019 was 23.4% with a of 17.3% for detached homes, 26.2% for townhomes, and 29% for apartments.
“The recent uptick in home sales is moving us into a more historically typical market,” Smith said. “Both sale and listing activity is trending around our long-term averages in recent months.”
The MLS Home Price Index composite benchmark price showed a decrease of just 0.2% month-over-month in October.
The $992,900 benchmark was 6.4% lower than in October 2018 and down 1.7% over the past 6 months.
Stats by property type
Sales of detached homes in October 2019 reached 938, a 47.3% increase from the 637 detached sales recorded in October 2018. The benchmark price for a detached home is $1,410,500. This represents a 7.5% decrease from October 2018, a 1.3% decrease over the past six months, and a 0.3% increase compared to September 2019.
Sales of apartment homes reached 1,384 in October 2019, a 40.5% increase compared to the 985 sales in October 2018. The benchmark price of an apartment home is $652,500. This represents a 5.9% decrease from October 2018, a 2.2% decrease over the past six months, and a 0.2% increase compared to September 2019.
Attached home sales in October 2019 totalled 536, a 55.8% increase compared to the 344 sales in October 2018. The benchmark price of an attached home is $771,600. This represents a 5.8% decrease from October 2018, a 0.4% decrease over the past six months, and a 0.5% increase compared to September 2019.