The January 2020 Market stats are out and available for download. You get the following graphs and charts for both Vancouver East and Vancouver West.
If you are interested in a report like this is for other areas, please contact me to request it and I'll send it to you.
The numbers for January are out now, and it is a great time to sell your house. Sales are up by 42.5% for January comparaed to the same time last year, but remains 7.5% below the 10 year average for January. Things are looking better than last year when we saw a number of new taxes introduced that dampened the market significantly. We are definitely not seeing the same issues that we saw last year.
The biggest issue on the market right now is the lack of supply. We are seeing a lot less supply on the market, and most houses being sold with competing offers at above asking price. We are about 20% down in inventory from where we were a year ago, with 20% less homes coming on the market than a year ago. This is looking to quickly become a seller's market. So, if you were worried about not getting your asking price after the events in last year's market, this is a much better time to sell your house.
Just to give you an example, of one of the properties that we sold in late 2019:
If you are thinking aboout selling your house we can recommend a number of strategies to help you do this, and Jill or I would both be happy to meet with you to discuss some of these.
As always, we recommend that you spruce up your home before listing it, this can mean taking care of how your lawn looks and getting some routine maintenance done like getting rid of mould or moss growing on your roof tiles, or having your boiler serviced. The last thing you want is a buyer renegotiating during the final stages of a contract or you potentially losing a sale you thought you had secured due to what was found by the home inspector.
As always, we are evailable for a no obligation home evaluation, just click below to talk to either myself or Jill.
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 per cent increase from the 1,103 sales recorded in January 2019, and a 22.1 per cent decrease from the 2,016 homes sold in December 2019.
Last month’s sales were 7.3 per cent 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,” Ashley Smith, REBGV president said. “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.”
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 per cent decrease compared to the 4,848 homes listed in January 2019 and a 143.8 per cent increase compared to December 2019 when 1,588 homes were listed.
Last month’s new listings were 17.4 per cent 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 per cent decrease compared to January 2019 (10,808) and a 0.2 per cent increase compared to December 2019 (8,603), and is 13.7 per cent below the 10-year January average.
For all property types, the sales-to-active listings ratio for January 2020 is 18.2 per cent. By property type, the ratio is 11.6 per cent for detached homes, 22.6 per cent for townhomes, and 23.9 per cent for apartments.
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent 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 per cent decrease over January 2019, a 1.4 per cent increase over the past six months, and a 0.8 per cent increase compared to December 2019.
Sales of detached homes in January 2020 reached 439, a 29.5 per cent increase from the 339 detached sales recorded in January 2019. The benchmark price for detached properties is $1,431,200. This represents a 1.7 per cent decrease from January 2019, a one per cent increase over the past six months, and a 0.5 per cent increase compared to December 2019.
Sales of apartment homes reached 814 in January 2020, a 45.6 per cent increase compared to the 559 sales in January 2019. The benchmark price of an apartment property is $663,200. This represents a one per cent decrease from January 2019, a 1.5 per cent increase over the past six months, and a one per cent increase compared to December 2019.
Attached home sales in January 2020 totalled 318, a 55.1 per cent increase compared to the 205 sales in January 2019. The benchmark price of an attached unit is $782,500. This represents a 0.7 per cent decrease from January 2019, a 1.6 per cent increase over the past six months, and a 0.5 per cent increase compared to December 2019.
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.