Vancouver sales up 26.2% last month

There was a jump in home sales in greater Vancouver in November, up 26.2% year-over-year.

Greater Vancouver Real Estate Board reported that the 2,214 sales eased 7.5% from October but were 17% above the 10-year November average.

“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,” Jill Oudil, REBGV president said.

There was a 31.8% rise in detached home sales (841) year-over-year while apartment sales gained 25.7% (1,508).

Meanwhile new listings in Metro Vancouver were down 9.5% from October to 4,109 but up 30.6% from a year earlier.

Despite the rise in listings from last year, active inventory gained just 4.3% to 8,747 year-over-year and was down by that percentage from 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 said.

The benchmark price of all properties gained 14% year-over-year and 0.4% month-over-month to $1,046,900.

This was driven by a 23.9% rise in the benchmark apartment price ($684,200) year-over-year while detached homes gained 6.1% to $1,608,000.

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