November's housing market didn't quite bring the Black Friday deals some might have hoped for, but buyers certainly found opportunities. The market showed a good balance, with sales increasing compared to last year, though still below the long-term average. This trend builds on October's activity, suggesting a steadying market.
Key Takeaways
- Sales are up 28% year-over-year, but still 13.3% below the 10-year average.
- New listings increased by 11% compared to last November.
- The total number of homes for sale is 26% above the seasonal average.
- Prices remain steady across all housing types.
- The sales-to-active-listings ratio is at 17.7%, indicating a balanced market.
Sales Activity In November
Realtors saw about 2,200 home sales on the MLS in November. That's a 28% jump from the same time last year. However, it's still about 13.3% lower than the average we usually see for this time of year over the past decade. This increase in buyer interest is a continuation of a trend that started back in October.
Supply Side Of The Market
On the flip side, sellers put about 3,700 homes on the MLS in November. This is an 11% increase compared to November of 2023. By the end of the month, there were roughly 13,200 homes listed for sale across the region on the MLS. That's a pretty significant 26% higher than the usual number of homes available for this time of year.
Even though more buyers were active in November, the number of new homes coming onto the market was enough to keep prices pretty stable across the board. It seems like supply and demand are in a pretty good place right now.
Understanding The Sales-to-Active-Listings Ratio
One way we keep an eye on supply and demand is by looking at the sales-to-active-listings ratio. This ratio compares the number of homes available for sale to the number of homes that actually sold during the month.
Looking at past data, we see that home prices tend to drop when this ratio stays below 12% for a while. On the other hand, prices often go up when the ratio is above 20% for several months.
In November, this ratio ended up at 17.7% for all homes. Breaking it down by property type:
- Detached Homes: 13.3%
- Attached Homes (Townhomes): 23%
- Apartments: 19%
This ratio suggests a balanced market overall, with attached homes leaning slightly towards a seller's market and detached homes leaning more towards a buyer's market.
Benchmark Prices In Metro Vancouver
The MLS HPI Benchmark Price for all housing types in Metro Vancouver is currently sitting at $1,172,000. This is a 1% decrease compared to this time last year. Here's how it breaks down by property type:
- Detached Homes: Just under $2 million
- Townhomes: $1,118,000
- Apartments: $753,000
What's Next For The Market?
So, what does the future hold? If buyer demand keeps up its current strength and the number of new homes listed doesn't keep pace, we might not have to wait too long to see prices start to climb again. It's a situation worth watching closely.
For more detailed housing market information, check out the market watch section on our website.
