Home sales in British Columbia are strengthening according to the latest stats from the province’s real estate association.
BCREA says that MLS sales in November rose 27.5% year-over-year to a total of 6,616 and the average price rise 5.5% to $746,939. Total dollar sales volume was $4.94 billion, a 34.4% 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."
Buyers had fewer choices though as active listings fell 6.6% year-over-year to 33,310 units, down for the 7th consecutive month (seasonally adjusted). Sales-to-listings ratio was 21%.
Year-to-date, BC residential sales dollar volume fell 6% to $50.23 billion, compared with the same period in 2018. Residential unit sales were 3.9% lower at 72,106 units, while the average MLS® residential price was down 2.2% year-to date at $696,574.
Recent data showed a significant pull-back for new homebuilding intentions in October.
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