Greater Vancouver Housing Market Update for September 2019
Summary: Metro Vancouver home sales increased 46.3% from the same month last year. Last month’s sales were 1.7% below the 10-year September sales average. We are seeing more balanced market conditions since May this year, particularly in the townhouse and apartment markets. Detached house market is still lacking behind. Home sale and listing activity were both at typical levels for our region in September.
Housing Market Condition: Housing market condition and pricing can vary depending on area and property type so please consult with me for your area of interest. Generally analysts say that a buyer’s market condition occurs when the sales ratio is 12% or less. Balanced market occurs when the ratio is between 13% and 20%. Seller’s market occurs when the ratio is 21% or more.
- All Properties: Balanced market with a sales ratio of 17.4%.
- Detached House: Buyer's market with a sales ratio of 12.7%.
- Townhouse: Balanced market with a sales ratio of 18.9%.
- Apartment: Balanced/Seller's market with a sales ratio of 21.9%
- Total 2,333 residential sales in Sept 2019.
- 4.6% increase compared to Aug 2019.
- 46.3% increase compared to Sept 2018.
- Total 4,866 residential new listings in Sept 2019.
- 29.9% increase compared to Aug 2019.
- 7.8% decrease compared to Sept 2018.
Total Number of Listings
- Total 13,439 residential listings on the MLS® in Sept 2019.
- 0.3% increase compared to Aug 2019.
- 2.7% increase compared to Sept 2018.
Home Benchmark Price: Home benchmark price represents estimated sale price of a benchmark property. Benchmark property represents a typical property within each market.
- Detached House: Benchmark price decrease 8.6% from Sept 2018 to $1,406,200.
- Townhouse: Benchmark price decrease 7.2% from Sept 2018 to $767,500.
- Apartment: Benchmark price decrease 6.5% from Sept 2018 to $651,500.
Average Days on Market
- Detached House: Sept 2019, 58 days. Sept 2018, 53 days. Sept 2017, 42 days.
- Townhouse: Sept 2019, 45 days. Sept 2018, 33 days. Sept 2017, 24 days.
- Apartment: Sept 2019, 43 days. Sept 2018, 31 days. Sept 2017, 22 days.
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