October 2019 Greater Vancouver Real Estate Report


October 2019 real-estate numbers are out
now as sales are up forty five point four percent compared to the same month
last year stay tuned I explain what all the numbers mean coming up next hi I’m
Alex Lam with EXP Realty and oh yeah this is Canadian content eh? if this is
the first time you’re here and you’re interested in all things real estate in
that Vancouver area please make sure to hit that subscribe button and that
little bell. I post new videos every Friday welcome back the Metro Vancouver
housing market is experiencing a fall pick up and home sales activity the real
estate board of Greater Vancouver reports that residential home sales in
the region total two thousand eight hundred and fifty eight in October two
thousand nineteen a forty five point four percent increase compared to 1966
sales recorded in October two thousand eighteen and a twenty two point five
percent increase from two thousand three hundred and thirty three homes sold in
September 2019 last month’s sales were nine point eight percent about the
ten-year October sales average homebuyers have more confidence a day
than we saw in the first half of the year with prices edging down over the
last year and interest rates remaining low hopefully homebuyers are becoming
more active this fall the total number of homes currently listed on the MLS
system in Metro Vancouver is twelve thousand two hundred and thirty six a
five point eight percent decrease compared to October 2018 and a nine
percent decrease compared to September 2019 which means inventory is slowly
beginning to be absorbed by the increase in buying activity for all property
types the sales to active listing ratio for October 2019 is twenty three point
four percent by property type the ratio seventeen point three percent for
detached homes twenty six point two percent for townhomes and 29 percent for
apartments generally analysts say downward pressure on home prices occur
when the ratio dispo 12 percent for sustained periods while home prices
often experience outward pressure when it surpasses 20 percent over several
months the recent uptick in home sales is moving us into
or historical typical market both sale and listing activity is trending around
the long-term averages in recent months the MLS home price index compass and
benchmark price for all residential properties in Metro Vancouver is
currently nine hundred and ninety two thousand nine hundred this represents a
six point four percent decrease from October 2018 and 1.7 percent decrease
over the past six months and a 0.2 percent increase compared to September
2019 sales of detached homes in October two thousand 19 reach 938 a forty seven
point three percent increased from six hundred thirty-seven detached sales
record in October 2018 the benchmark price for detached homes is 1 million
four hundred ten thousand five hundred this represents a 7.5 percent decrease
from October 2018 and 1.3 percent decrease over the past six months and a
0.3 percent increase compared to September 2019 sales of apartment homes
reached 1384 in October two thousand ninety a forty point five percent
increase compared to nine hundred eighty five sales in October 2018 the benchmark
price of apartment homes is six hundred fifty two thousand five hundred which is
five point nine percent decrease compared to October 2018 and two point
two percent decrease over the past six months and a 0.2 percent increase
compared to September 2019 attached home sales in October two thousand 19 total
536 a fifty five point eight percent increase compared to three hundred forty
four sales in October 2018 and the benchmark price of attached homes is
seven hundred seventy one thousand six hundred this represents a five point
eight percent decrease from October 2018 zero point four percent decrease over
the past six months and a zero point five percent increase compared to
September 2019 so my advice to homebuyers is that prices are down and
activity has picked up substantially compared to last year if activity
continues to pick up we should see prices begin to rise again and home
inventories begin to dry up for home sellers winter is actually a pretty good
time to sell your home they’re generally less homes on the market so that means
less comput if you play with your completion dates
he can end up being a cash buyer for January so that’s it if you’re thinking
of selling your home in Vancouver please watch my playlist over here question of
the day would you consider buying a home now please answer in the comments below
I’ll personally answer all the comments myself if you like this video please
give it a thumbs up and subscribe I’ll be posting new educational videos every
Friday this is Alex lamb with exp realty in
Vancouver and thanks for watching this video
eh?

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