{"id":14580,"date":"2020-01-03T08:55:25","date_gmt":"2020-01-03T16:55:25","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=14580"},"modified":"2020-01-03T09:04:30","modified_gmt":"2020-01-03T17:04:30","slug":"rebgv-home-sales-decline-below-long-term-averages-in-2019-despite-increased-demand-to-end-the-year","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/01\/rebgv-home-sales-decline-below-long-term-averages-in-2019-despite-increased-demand-to-end-the-year\/","title":{"rendered":"REBGV Home Sales Decline Below Long-Term Averages in 2019 Despite Increased Demand to End The Year"},"content":{"rendered":"<p style=\"text-align: justify;\">The Metro Vancouver housing market experienced below average sales activity and moderate price declines in 2019.<\/p>\n<p style=\"text-align: justify;\">The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment homes reached 25,351 in 2019, a 3% increase from the 24,619 sales recorded in 2018, and a 29.6% decrease over the 35,993 residential sales in 2017.<\/p>\n<p>Last year\u2019s sales total was 20.3% below the region\u2019s 10-year sales average.<\/p>\n<p>\u201cWe didn\u2019t see typical seasonal patterns in 2019. Home buyer demand was quieter in the normally busy spring season and it picked up in the second half of the year,\u201d Ashley Smith, REBGV president said. \u201cIn terms of home values, prices dipped between 2% and 4% across the region last year depending on property type.\u201d<\/p>\n<p>Home listings on the Multiple Listing Service\u00ae (MLS\u00ae) in Metro Vancouver reached 51,918 in 2019. This is a 3.2% decrease compared to the 53,614 homes listed in 2018 and a 5% decrease compared to the 54,655 homes listed in 2017. Last year\u2019s listings total was 7.6% below the 10-year average.<\/p>\n<p>\u201cHome buyer confidence was a factor throughout the year. In the first quarter, many prospective buyers were in a holding pattern, waiting to see how prices would react to the mortgage stress test, new taxes, and other policy changes,\u201d Smith said. \u201cConfidence started to return in the summer, and we saw above average sales in the final quarter of 2019.\u201d<\/p>\n<p>The MLS\u00ae HPI composite benchmark price for all residential properties in Metro Vancouver ends the year at $1,001,000. This is a 3.1% decrease compared to December 2018.<\/p>\n<p>The benchmark price of apartments decreased 2.7% in the region last year. Townhomes decreased 2.4% and detached homes decreased 4%.<\/p>\n<p><strong>December Summary<\/strong><\/p>\n<p>REBGV reports that residential home sales in the region totalled 2,016 in December 2019, an 88.1% increase from the 1,072 sales recorded in December 2018, and a 19.3% decrease from the 2,498 homes sold in November 2019.<\/p>\n<p>Last month\u2019s sales were 9.% above the 10-year December sales average.<\/p>\n<p>There were 1,588 detached, attached and apartment properties newly listed for sale on the MLS\u00ae in Metro Vancouver in December 2019. This represents a 12.9% increase compared to the 1,407 homes listed in December 2018 and a 46.8% decrease compared to November 2019 when 2,987 homes were listed.<\/p>\n<p>The total number of homes currently listed for sale on the MLS\u00ae system in Metro Vancouver is 8,603, a 16.3% decrease compared to December 2018 (10,275) and a 20.1% decrease compared to November 2019 (10,770).<\/p>\n<p>For all property types, the sales-to-active listings ratio for December 2019 is 23.4%. By property type, the ratio is 15.2% for detached homes, 25.7% for townhomes, and 32.5% for apartments.<\/p>\n<p>Generally, analysts say that downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.<\/p>\n<p>Sales of detached homes in December 2019 reached 599, a 72.1% increase from the 348 detached sales recorded in December 2018. The benchmark price for detached properties is $1,423,500. This represents a 4% decrease from December 2018, and a 0.6% increase compared to November 2019.<\/p>\n<p>Sales of apartment homes reached 1,053 in December 2019, a 96.8% increase compared to the 535 sales in December 2018. The benchmark price of an apartment property is $656,700. This represents a 2.7% decrease from December 2018, and a 0.8% increase compared to November 2019.<\/p>\n<p>Attached home sales in December 2019 totalled 364, a 92.6% increase compared to the 189 sales in December 2018. The benchmark price of an attached home is $778,400. This represents a 2.4% decrease from December 2018, and a 0.7% increase compared to November 2019.<\/p>\n<p><a href=\"http:\/\/members.rebgv.org\/news\/REBGV-Stats-Pkg-December-2019.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Click here<\/a> to view the December 2019 stats package.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Metro Vancouver housing market experienced below average sales activity and moderate price declines in 2019. The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/01\/rebgv-home-sales-decline-below-long-term-averages-in-2019-despite-increased-demand-to-end-the-year\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-14580","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>REBGV Home Sales Decline Below Long-Term Averages in 2019 Despite Increased Demand to End The Year &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2020\/01\/rebgv-home-sales-decline-below-long-term-averages-in-2019-despite-increased-demand-to-end-the-year\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"REBGV Home Sales Decline Below Long-Term Averages in 2019 Despite Increased Demand to End The Year &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The Metro Vancouver housing market experienced below average sales activity and moderate price declines in 2019. 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