Looks like the market is back to a healthier pace. November continues on with the recovery story. The November sales were 4% above the 10-year November average.
As the year closes out, the number of new listing falls as usual. It is 25.7% lower than October, but it is also 13.7% below last November. The total number listed is 12.5% below last November as well which is helping support the prices.
Prices are remaining fairly stable. The benchmark price for an apartment has gone down 0.2% in the last month while the prices of detached homes and attached homes has gone up 0.3% and 0.2% respectively.
The sales-to-active listings ratio which gives an indication of demand in the market is a healthy 23.2%. The higher the percentage the higher the demand.
By property type, the ratio is 17.2% for detached homes, 24.9% for townhomes and 29.3% for apartments. The range between 12 and 20% is considered balance. While this is true, these are averages of properties over the entire Metro Vancouver and the Vancouver real estate market is much more fragmented. If you are truly considering entering the market, then you should get a local expert who knows what is going on in the particular segment of the market you are interested in.
