September 2019 Vancouver Real Estate Market Update
Increased demand helps housing market reach balanced territory
Home buyer demand has returned to more historically typical levels in Metro Vancouver over the last three months.
Home sales in the region totalled 2,333 in September 2019, a 46.3% increase from the 1,595 sales recorded in September 2018, and a 4.6% increase from the 2,231 homes sold in August 2019.
Last month’s sales were 1.7% below the 10-year September sales average.
There were 4,866 detached, attached and apartment properties newly listed for sale in Metro Vancouver in September 2019. This represents a 7.8% decrease compared to the 5,279 homes listed in September 2018 and a 29.9% increase compared to August 2019 when 3,747 homes were listed.
“This is a more comfortable market for people on both sides of a real estate transaction,” said Smith. “Home sale and listing activity were both at typical levels for our region in September.”
Focusing in on the Vancouver West area (from Downtown to Marpole, and everything West of Ontario St.)
Sales of detached properties in September 2019 reached 61, a 56.4% increase from September 2018. The benchmark price for detached properties is $2,894,400. This represents an 10.8% decrease from September 2018.
Sales of Townhomes in September 2019 reached 27, a 3.6% decrease from September 2018. The benchmark price for Townhome is $1,098,90. This represents an 6.1% decrease from September 2018.
Sales of Condos in September 2019 reached 303, a 45.0% increase from September 2018. The benchmark price for condo properties is $754,800. This represents a 6,1% decease from September 2018.