Metro Vancouver homes sales below historical average for November
Home buyer demand remained below historical averages for November and many consumers have taken a wait and see approach in recent months during this cooling down period. We have also seen prices edge down from the record highs reached over the last year. To put this in perspective, overall prices are now down 1.4% from a year ago.
New listings for sale are down 15.8% compared with November 2017 but total number of listings for sale is up 40.7% from November 2017.
Last month’s sales were 34.7 per cent below the 10-year November sales average and was the lowest sales for the month of November since 2008.
For all property types, the sales-to-active listings ratio for November 2018 is 13.1%. Ratio for detached homes is 8.9%, townhomes, 17.6% and apartments 14.7%.
downward pressure on home prices typically occurs when the sales to listings ratio dips below 12% for a sustained period.
It will be interesting to see if the typical spring increase in sales activity occurs in 2019 and prices level out at this time. Choosing when to jump in is the question on many potential buyer’s minds.As this is my last report for 2018, I would like to offer season’s greetings to everyone and wish you and your family a happy and prosperous 2019.