Prices set new records, with resale activity 17% higher than 10-year average for the month
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. For a visual overview of November's Greater Vancouver real estate market trends, see our detailed infographic.
However, the sales total is high for any November, at 17% higher than the 10-year average for the month. Out of the five Novembers since 2013, last month was second only to November 2015’s sales total.
Jill Oudil, REBGV president, said, “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.”
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.
“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,” Oudil added.
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.
Sales and Prices by Home Type
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.
Home prices vary widely throughout the REBGV region. To get a good idea of home prices in a specific location, check the detailed MLS® Home Price Index in the REBGV full statistics package.