September 2019 - Market News
Source: Real Estate Board of Greater Vancouver
Market Stats: Residential Detached
HOUSING MARKET sees summer uptick in SALES in most areas. Home sales returned to more historically normal levels in July and August compared to what we’ve seen in the first six month of the year. See below for details on specific areas:
NORTH VANCOUVER: August was a good month for sales compared to the performance in 2018. The number of sales of detached homes in August 2019 reached 64, a 106% increase from the 31 detached sales recorded in August 2018. However, the numbers weren’t quite as high as July which saw 76 sales transactions this year. Overall, the numbers are still positive for 2019 with a total of 522 detached sold compared to 484 for same period last year. The number of detached listings for August 2019 is similar to last August, with 92 and 90 respectively, however this is down from July which saw 116 homes listed for sale. Year to date, the numbers of homes listed for sale is down, which could be good news for Sellers if this trend continues. That being said, the benchmark price for detached homes is $1,475,200. This represents a 9% decrease from August 2018 and a 0.9% decrease compared to July 2019.
WEST VANCOUVER: Sales in August were great for West Vancouver with 40 units sold compared to 27 in August 2018, a 48% increase. July was a bit stronger with 43 units sold, but overall the numbers of detached homes sold to date in 2019 is higher, with 273 sales versus 227 for the same time period in 2018. As for listings, this has remained flat with 107 detached properties listed for sale in August 2019, 107 in August 2018, and 105 for July 2019. The benchmark price for detached homes is $2,520,100. This represents a 11% decrease from August 2018 and a 1.2 % decrease compared to July 2019.
VANCOVUER WEST: August wasn’t as strong as the other areas, with sales of 60 detached homes compared to 79 units in August 2018. This represents a 24% decrease. There was a slight increase of 3% from the July sales of 58 units. However, year to date the figures are lower for 2019 with a total of 489 detached homes sold compared to the 507 sales in 2018. Listings are also down substantially in August (126) compared to August 2018 (167) and July 2019 (181). The benchmark price for detached homes is $2,880,800 This represents a12% decrease from August 2018 and a 0.5% decrease compared to July 2019.
SUNSHINE COAST: August sales weren’t great for this area, with 49 detached homes sold, down from 54 last August, and 63 in July 2019. Overall, sales year to date have dropped by 15%, with 325 homes sold so far in 2019 versus 385 in 2018. The number of units listed were down as well in August, with a total of 74 for the month compared to 99 in July. The benchmark price for detached homes is $584,600. This represents a 5.4% decrease from August 2018 and a 1.9% decrease compared to July 2019.