November was another solid month as we saw an increase in sales combined with a drop in total inventory. There were fewer newly listed homes, with only 2987 homes listed on MLS, that's a 26.7% decreased compared to October 2019.
November 2019 sales increased by 55.3% compared to November 2018. If we break down the 2,498 sales that took place in November 2019, 33% of the sales were from detached, 49% of the sales were from condo and 18% of the sales were from townhomes.
We see a larger percentage of sales in the condo market because not a lot of people can afford to buy detached homes. This also reflects the current housing demand from downsizers, first-time home buyers and those simply looking to relocate within the region.
The benchmark price for condo is $651,500, detached home is $1,415,400 and townhome is $772,800. The decline in prices has helped attract buyers back to the market and it looks like demand is picking up once again.
Contact me if you have any questions about Vancouver’s real estate market.
Oakwyn Realty Downtown Ltd.