[ MARKET STATS FOR 2019 ]
2019 was a pivotal year for Vancouver Real Estate. During the first half of the year, we saw market slowdown continue from previous year, however activity and demand started to increase in the second half of the year as buyers started to take advantage of market conditions and also lower mortgage rates. Overall the sales increased by 3% compared to 2018 and benchmark price decreased 3.1 compared to Dec 2018.
Since bottoming last September, reversal of price trend and slight, but steady price increases can be seen across all product types, albeit this can vary for various areas and price ranges. Benchmark prices for Detached, Townhouses, and Apartments increased by 1.2%, 0.8% and 0.7% compared to September lows respectively.
Sales to Active ratio or absorption rate, which is the major indicator of the condition of the market continues to trend higher. Sustained ratios of over 20% are believed to put the market in sellers territory and result in price increases.
December sales were down 19.3% compared to November. While fewer sales is typical for December due to seasonality, it was interesting to note that sales were up 88.1% year over year comparing to last December, which confirms a change in market sentiment.
All that said, market conditions still vary depending areas and price ranges. Feel free to contact me for a more detailed analysis of the area you are interested in.