Home sales remain at near record levels across Vancouver - Welcome to October's Real Estate Market Update.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region saw a 29% increase from compared to October 2019, and a 1.2 % increase compared to September 2020.
Last month’s sales were 34.7% above the 10-year October sales average and stands as the second-highest total on record for the month.
“Home has been a focus for residents during the pandemic. With more days and evenings spent at home this year, people are re-thinking their housing situation," Colette Gerber, REBGV Chair said.
“Throughout this period, REALTORS® have been working to understand and adapt to the latest safety protocols so that they can continue to help the public meet their housing needs in a safe and responsible way.”
There were 5,571 detached, attached and apartment homes newly listed for sale on the MLS in Metro Vancouver in October – a 36.7% increase compared to October 2019 and a 13 % decrease compared to September 2020.
The total number of homes currently listed for sale on the MLS in Metro Vancouver is 12,416, a 1.5 % increase compared to October 2019 and a 5.2 % decrease compared to September 2020.
Sales to Active Ratio – All Property Types
For all property types, the sales-to-active listings ratio for October 2020 was 29.7%.
By property type, the ratio is:
- 30.9% for Detached Homes
- 43.5% for Townhomes
- 24.9% 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 exceeds 20 % over several months.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,045,100.
This represents a 6% increase over October 2019 and a slight 0.4 % increase compared to September 2020.
Detached Homes
Sales of detached homes in October 2020 reached 1,335, a 42.3 % increase from the 938 detached sales recorded in October 2019. The benchmark price for a detached home is $1,523,800. This represents an 8.5 % increase from October 2019 and a 1.1 % increase compared to September 2020.
Townhomes
Attached home sales in October 2020 totalled 782, a 45.9 % increase compared to the 536 sales in October 2019. The benchmark price of an attached home is $813,000. This represents a 5.4 % increase from October 2019 and a 0.4 % increase compared to September 2020.
Apartments
So, what does this all mean?
As discussed in previous monthly updates, pent up demand from a summer of lockdown, plus a shift in location requirements driven by many people working from home, is driving demand for Vancouver homes.This means homes priced right for today’s market and marketed to the right people at the right time are receiving attention from buyers. With this, the chances of multiple offers is increased - Michael.
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.
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.
