Major Cities Report
Market Chills Our For Winter
A total of 498 properties sold this November, this is 25.8% fewer than sold last November. Sales of condos were down 30.9 %, Single family homes were down 20.8% both from last November. Benchmark value for a single family home in the Victoria core in November 2017 was $832,800 rising by 3.9% to $865,200. There were a total of 2,343 active listings for sale in November 2018 and increase of 32.8% compared to November 2017.
Metro Vancouver Home Sales Down Across All Property Types
A total of 1,608 for November 2018, a 42.5% decrease since November 2018. Sales fell 34.7Marking the lowest sales for one month period since 2008. There were 3,461 detached, attached and apartment homes newly listed for sale, this represents a 15.8% decrease compared to the 4,109 homes listed in November 2017. The total number of homes currently listed for sale is 12,307, a 40.7% increase compared to 8,747 in November 2017. The home price index states the benchmark price for all residential properties is $1,042,100, a 1.4% decrease year over year.
Challenging Economic Conditions Continue to Impact the Resale Market
A total of 1,171 units were sold in the month of November. New listings were down by 7% compared to November 2017 with 6,501 units in overall inventory which is 32% higher than last November. The citywide benchmark price was $422,600 3% lower than last years average.
All Residential Unit Sales and Prices Decrease, Inventory Up.
For the month of November, all residential unit sales decreased 10.56% year over year. Single Family Home unit sales are down 5.66%, duplex/rowhouse unit sales decreased by 6.61% relative to November 2017. New listings increased 9.97% and inventory increased 9.86% year over year. Average prices declined, with the price of the Single Family Home to $421,715, a decrease of 4.55% since last year. Condominium prices decreased 6.07%and Duplex/Rowhouses 3.36% year over year. Average days on market for single-family homes increased to 66 days from 59, Condominiums went from 72 up to 80 and duplex/rowhouses increased to 71 from 59 days from November 2017.
Continued Moderate Growth For November
The average selling price was up by 3.5% year over year to $788,345 and the composite benchmark was up by 2.7% year over year. With 6,251 residential transactions through the MLS system. There were 6,251 reported residential transactions, down by 14.7% November 2017.