Home Sales and Listings See an End of Summer Surge in Vancouver
REGBV Chair, Colette Gerber said:
Townhome sales in September 2020 totalled 730, a 73% increase compared to the 422 sales in September 2019. The benchmark price of a townhome is now $809,900. This represents a 5.2% increase from September 2019 and a 0.4 per cent increase compared to August 2020.
If you'd like to know more about the Vancouver Real Estate Market, or how the current situation could effect your decisions to buy or sell, feel free to reach out to me. I'd be happy to help guide you through the market. Contact me today.
In short: the lower interest rates we’re seeing combined with pent up demand from the earlier months in lockdown are still resulting in increased activity across Vancouver.
Real Estate Board of Greater Vancouver (REBGV) reports that home sales in the region were up 56% compared to September 2019, and up 9.6% compared to August 2020.
What’s more amazing is sales were 44.8% above the 10-year September sales average – meaning September’s totals were the highest on record for the month.
There were 6,402 detached homes, townhomes and apartments newly listed for sale on the MLS in Metro Vancouver in September 2020. This represents a 31.6% increase compared to September 2019 and a 10.1% increase compared to August 2020 when 5,813 homes were listed.
"While the pace of new MLS® listings entering the market is increasing, the heightened demand from home buyers is keeping overall supply levels down. This is creating upward pressure on home prices, which have been edging up since the spring."
Sales to Active Listings Ratio:
For all property types, the sales-to-active listings ratio for September 2020 was 27.8%.
By property type, the ratio is:
By property type, the ratio is:
- 28.3% for Detached Homes
- 36.1% for Townhomes
- 24.8% for Apartment
Remember, downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months – so we’re still very much so seeing a Seller’s Market.
The MLS® Home Price Index composite benchmark price for all residential properties in Vancouver is currently $1,041,300. This represents a 5.8% increase over September last year, and a slight 0.3% increase compared to last month.
Detached Homes:
During September 2020, there were 1,317 detached homes sold, resulting in a 76.8% increase from the 745 detached sales recorded in September 2019.
The benchmark price for detached homes was $1,507,500, equalling a 7.8% increase from September 2019 and a 1.1% increase compared to August 2020.
Townhomes:
Townhome sales in September 2020 totalled 730, a 73% increase compared to the 422 sales in September 2019. The benchmark price of a townhome is now $809,900. This represents a 5.2% increase from September 2019 and a 0.4 per cent increase compared to August 2020.
Apartments:
Looking at apartments, there were 1,596 sales in September 2020, a 36.9% increase compared to the 1,166 sales in September 2019. The benchmark price of an apartment was $683,500. This represents a 4.5% increase from September 2019 and a 0.3 per cent decrease compared to August 2020.
Did you know in 2019, 25,351 homes changed ownership in Metro Vancouver generating $1.8 billion in economic spin-off activity and an estimated 12,910 jobs!
If you'd like to know more about the Vancouver Real Estate Market, or how the current situation could effect your decisions to buy or sell, feel free to reach out to me. I'd be happy to help guide you through the market. Contact me today.
