Westside detached house sales in November were up 32.7% from November 2018 to 65, reflective of a year-over-year increase in detached house sales seen right across Metro Vancouver, which experienced a near 60% rise in transactions. With 123 new listings added to the Westside in November, the sales-to-new-listing ratio was 54%, much higher than the 17.2% ratio across the Metro region, however. A real estate sales recovery often begins at the centre and radiates out so this is likely what we are seeing today.
In November the Eastside posted higher detached house sales than any other major Metro Vancouver market, including the Westside.Eastside sales nearly doubled in November from the same month a year earlier, rising 96.4% to 108 houses. This is the highest November transactions since the peak sales year of 2015 and there is another telling data point. During the 2015 peak the sales-to-new-listing ratio for Eastside detached houses was 94%, which is very close to the 92% sales success ratio achieved this November, when 117 new listings were added. What is different this year is the benchmark detached house price on the Eastside was $1.37 million compared to $1.2 million in the same month four years ago. Those who bought during the boom years have continued to enjoy price appreciation, despite the last two years of a policy-induced downturn.
Leadership begins at the top and that appears to be the case in Metro Vancouver as City of Vancouver condo sales in November led the entire region both in volume and the rate of increase from a year earlier. Vancouver condo transactions were up 97% from November 2018, blowing past the 50% year-over-year increase in condo sales in the rest of Metro Vancouver. With 449 sales Vancouver sales accounted for 36% of all the region’s condo sales in November. The November surge should not have been surprising: sales of Vancouver condos have been increasing since July, when they topped the year-previous month for the first time in 2019. So far this year, city condo transactions are running 25.2% ahead of 2018 and are averaging nearly 15 sales every day.
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