Photo: La Citta Vita/Flickr
Metro Vancouver saw a modest improvement in home listings in November, but demand continued to outweigh supply.
Last month, there were 4,109 new listings for detached, attached and apartment properties, surging roughly 31 per cent compared to a year ago and down 9.5 per cent from October 2017, according to the Real Estate Board of Greater Vancouver’s (REBGV) latest data, published on Monday.
“While we’re seeing more listings enter the market today than we saw at this time last year, we have a long way to go before our home listing inventory rises back to more historically typical levels,” says Jill Oudil, REBGV president, in a statement.
Although home listings saw a year-over-year increase, it was met with soaring home sales last month.
In November, a total of 2,795 properties changed hands in the region, a 26 per cent increase from the 2,214 sales seen in November 2016 and a 7.5 per cent drop from October 2017.
“We’re seeing steady demand in today’s market. Home buyer activity is operating above our long-term averages, particularly in our townhome and condominium markets,” says Oudil.
Here are 11 more facts that show how demand exceeded supply in November from REBGV’s latest market data release:
1. Last month’s sales were 17 per cent above the 10-year November sales average.
2. In November, a total of 8,747 homes were listed for sale in Metro Vancouver, up 4.3 per cent compared to a year ago and down 4.3 per cent from October 2017.
3. The sales-to-active listings ratio was 32 per cent, a three per cent increase from September 2017. REBGV says home prices experience downward pressure when the ratio falls below 12 per cent for a sustained period of time. Conversely, home prices often experience upward pressure when the ratio exceeds 20 per cent over a prolonged period of time.
4. Based on property type, the sales-to-active listings ratio is roughly 16 per cent for detached homes, 36 per cent for townhomes and nearly 68 per cent for condos.
5. As a result of demand outweighing supply, the benchmark price for all residential properties in Metro Vancouver was $1,046,900, a 14 per cent increase over November 2016 and a 0.4 per cent uptick from October 2017.
6. In the condo segment, a total of 1,508 units sold in November, up roughly 26 per cent compared to a year ago.
7. The benchmark price of a condo was $648,200, soaring nearly 24 per cent from November 2016.
8. A total of 446 attached properties sold last month, representing an increase of roughly 19 per cent compared to a year ago.
9. The benchmark price of an attached property hit $805,200, up 18 per cent from November 2016.
10. In the detached segment, a total of 841 units sold last month, up nearly 32 per cent from a year ago.
11. The benchmark price of a detached home was $1,608,000, a six per cent increase from November 2016.