Bob Sethi, B.Comm | 604.273.2828

September 4th, 2019


Metro Vancouver housing market sees summer uptick in sales


Home buyer activity increased to more typical levels in Metro Vancouver throughout the summer months.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,231 in August 2019, a 15.7 per cent increase from the 1,929 sales recorded in August 2018, and a 12.7 per cent decrease from the 2,557 homes sold in July 2019.


Last month’s sales were 9.2 per cent below the 10-year August sales average.


“Home sales returned to more historically normal levels in July and August compared to what we saw in the first six months of the year,” said REBGV President Ashley Smith. 


There were 3,747 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2019. This represents a 3.5 per cent decrease compared to the 3,881 homes listed in August 2018 and an 18.8 per cent decrease compared to July 2019 when 4,613 homes were listed.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 13,396, a 13.3 per cent increase compared to August 2018 (11,824) and a 5.9 per cent decrease compared to July 2019 (14,240).


For all property types, the sales-to-active listings ratio for August 2019 is 16.7 per cent. By property type, the ratio is 12 per cent for detached homes, 18.4 per cent for townhomes, and 21.2 per cent for apartments.


Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.


“With more demand from home buyers, the supply of homes listed for sale isn’t accumulating like earlier in the year. These changes are creating more balanced market conditions,” Smith said.


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $993,300. This represents an 8.3 per cent decrease over August 2018 and a 0.2 per cent decrease compared to July 2019.


Sales of detached homes in August 2019 reached 706, a 24.5 per cent increase from the 567 detached sales recorded in August 2018. The benchmark price for detached homes is $1,406,700. This represents a 9.8 per cent decrease from August 2018 and a 0.7 per cent decrease compared to July 2019.


Sales of apartment homes reached 1,116 in August 2019, an 8.9 per cent increase compared to the 1,025 sales in August 2018. The benchmark price of an apartment property is $771,000. This represents a 7.4 per cent decrease from August 2018 and a 0.1 per cent increase compared to July 2019.


Attached home sales in August 2019 totalled 409, a 21.4 per cent increase compared to the 337 sales in August 2018. The benchmark price of an attached unit is $654,000. This represents a 7.8 per cent decrease from August 2018, a 0.2 per cent increase compared to July 2019.


For more information bob@bobsethi.com 

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NEW September 2011 stats just out.  RE/MAX continues to dominate local markets with more sales per associate than any other company.  The following graph illustrates why you want a RE/MAX Realtor to help you buy or sell real estate in Richmond:
 
September 2011 RE/MAX Market Share
 
The importance of properly pricing your home for sale proves more important.  Only 12% of Richmond properties listed in September sold the same month (sell-through-rate) vs 25% of properties listed for sale in East Vancouver. 
 
September 2011 Sell Through Rate
 
Take advantage of market knowledge - call or email me to find out how to buy or sell your home faster and for more money in today's market:
 
Bob Sethi
RE/MAX Westcoast
604-273-2828
 
 
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September stats continue to show RE/MAX sells more homes in Richmond than any other company with a dominating 15.7% market share:
 
RE/MAX Market Share - August 2011
 
The following graph illustrates the Sell-Through-Rate, or the number of homes listed that sold in the month of August:
 
Sell through rate August 2011
 
Interested how this information can help you buy or sell a home?  Call/email today:
 
Bob Sethi
604-273-2828
 
 
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Bob Sethi, B.Comm
Office:604.273.2828
Fax:604.273.0685
RE/MAX Westcoast
#110-6086 Russ Baker Way
Richmond, BC
V7B 1B4 Canada

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.