Metro Vancouver home prices have remained steady since provincial health officials implemented physical distancing requirements in March. Buyers and sellers have become more comfortable operating in today's market.
The Real Estate Board of Greater Vancouver saw residential homes sales total 1,485 for May 2020 which is a 43.7% decrease from this time last year (2,638) and a 33.9% increase from April 2020 (1,109). Last month's sales were 54.4% below the 10-year May sales average.
Newly listed properties in May for Metro Vancouver reached 3,684 for all property types. This equates to a 59.3% increase from April 2020 (2,313) and a 37.1% decrease compared to May 2019 (5,861).
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 putting us now in a Balanced Market.
Broken down by property type, the sales-to-active ratio for May is 13.5% for detached homes, 18.9% for townhouses, and 14.8% for condos. This means that townhouses are in a Balanced Market, condos are in a Buyer's Market as well and the detached sector is now in a Buyer's Market.
The Real Estate Board of Greater Vancouver reports that the composite benchmark price is currently above $1 million at $1,028,400. This represents a 1.4% increase over the last three months.
The total sales for May 2020 were 1,485. This works out to 534 detached homes with a benchmark price of $1,456,700, 298 townhouses with a benchmark price of $792,700 and 653 apartments with a benchmark price of $686,500.
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!