The British Columbia Real Estate Association (BCREA) reports that a total of 6,616 residential unit sales were recorded by the Multiple Listing Service® (MLS® ) in November, an increase of 27.5 per cent from the same month last year.
The average MLS® residential price in the province was $746,939, an increase of 5.5 per cent from November 2018. Total sales dollar volume was $4.94 billion, a 34.4 per cent increase from the same month last year. “After several months of strong gains, home sales are now firming around long-run averages,” said BCREA Chief Economist Brendon Ogmundson. “We expect 2020 will be a much more typical year for markets compared to the volatility of recent years.”
MLS® residential active listings in the province were down 6.6 per cent from November 2018 to 31,310 units, and down for a seventh straight month on a seasonally adjusted basis. Overall market conditions remain balanced with a sales-to-active-listings ratio of 21 per cent.
Year-to-date, BC residential sales dollar volume was down 6 per cent to $50.23 billion, compared with the same period in 2018. Residential unit sales were 3.9 per cent lower at 72,106 units, while the average MLS® residential price was down 2.2 per cent year-to date at $696,574.
Points of note are the uptick in seasonally adjusted sales, in BC, compared to falling inventory, and the bounce-back in sales to active listings in Greater Vancouver, which may well have a positive knock-on effect in the Central Okanagan in the coming months.
In our area, the Inventory of homes is down 5.3% and the average Residential Price is up 13.8% on this time last year.