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Home Sales Activity Up, Supply Down to Start 2020

Tuesday, February 04, 2020


Home sale and price activity remained steady in Metro Vancouver to start 2020 while home listing activity declined in January.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,571 in January 2020, a 42.4% increase from January 2019, and a 22.1% decrease from December 2019.


Last month’s sales were 7.3% below the 10-year January sales average.


"We’ve begun 2020 with steady home buyer demand that tracks close to the region’s long-term average. Looking at supply, we’re seeing fewer homes listed for sale than is typical for this time of year. As we approach the traditionally more active spring market, we’ll keep a close eye on supply to see if the number of homes being listed is keeping pace with demand." Ashley Smith, REBGV president.


There were 3,872 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2020. This represents a 20.1% decrease compared to January 2019 and a 143.8% increase compared to December 2019.


Last month’s new listings were 17.4% below January’s 10-year average.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,617, a 20.3% decrease compared to January 2019 and a 0.2% increase compared to December 2019, and is 13.7% below the 10-year January average.


For all property types, the sales-to-active listings ratio for January 2020 is 18.2%. By property type, the ratio is 11.6% for detached homes, 22.6% for townhomes, and 23.9% for apartments.


Generally, analysts say 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.


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,008,700. This represents a 1.2% decrease over January 2019, a 1.4% increase over the past six months, and a 0.8% increase compared to December 2019.

 

               It's more than analyzing the market ups and downs;

                                                          it's an experienced perspective and sound advice

DETACHED

Sales of detached homes in January 2020 reached 439, a 29.5% increase from January 2019. The benchmark price for detached properties is $1,431,200. This represents a 1.7% decrease from January 2019, a 1% increase over the past six months, and a 0.5% increase compared to December 2019.


APARTMENT

Sales of apartment homes reached 814 in January 2020, a 45.6% increase compared to January 2019. The benchmark price of an apartment property is $663,200. This represents a 1% decrease from January 2019, a 1.5% increase over the past six months, and a 1% increase compared to December 2019.

ATTACHED

Attached home sales in January 2020 totalled 318, a 55.1% increase compared to January 2019. The benchmark price of an attached unit is $782,500. This represents a 0.7% decrease from January 2019, a 1.6% increase over the past six months, and a 0.5% increase compared to December 2019.


- For more information from the Real Estate Board of Greater Vancouver, click here.


Feel free to call me with any questions you may have and pass this and my contact information along to your friends or family who are in need of real estate help.

Sincerely,

Janet

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.