Home sale and listing activity continues to increase in August.
The Real Estate Board of Greater Vancouver saw residential homes sales total 3,047 for August 2020 which is a 36.6% increase from this time last year (2,231) and a 2.6% decrease from July 2020 (3,128). Last month's sales were 19.9% above the 10-year August sales average.
Newly listed properties in July for Metro Vancouver reached 5,813 for all property types. This equates to a 2.3% increase from July 2020 (5,813) and a 55.1% increase compared to August 2019 (3,747).
Analysts generally agree that downward pressure on home prices occur when the sales-to-active ratio dips below 12% which is referred to as a Buyer’s Market, whereas home prices experience upward pressure when it goes beyond 20%, also referred to as a Seller’s Market. A Balanced Market is between the two. Metro Vancouver saw an increase in the combined sales-to-active ratio from last month keeping us in a Seller's Market.
Broken down by property type, the sales-to-active ratio for August is 23.7% for detached homes, 30.5% for townhouses, and 21.6% for condos. This means that townhouses are in a Seller's Market, condos are in a Seller's Market as well and the detached sector is still in a Seller's Market.
The Real Estate Board of Greater Vancouver reports that the composite benchmark price is currently above $1 million at $1,038,700. This represents a 5.3% increase over August 2019 and a 0.7% increase compared to July 2020.
The total sales for August 2020 were 3,047. This works out to 1,095 detached homes with a benchmark price of $1,494,300, 620 townhouses with a benchmark price of $806,400 and 1,332 apartments with a benchmark price of $685,500.
Ready to jump into the market? Whether you’re looking to buy, sell, or learn more about what this means for you, reach out to us today!