Housing demand in Metro Vancouver continues to outpace historical averages with November sales eclipsing 3,000 for the first time since 2015.
The Real Estate Board of Greater Vancouver saw residential homes sales total 3,064 for November 2020 which is a 22.7% increase from this time last year (2,498) and a 16.9% decrease from October 2020 (3,687). Last month's sales were 24.6% above the 10-year November sales average.
Newly listed properties in November for Metro Vancouver reached 4,068 for all property types. This equates to a 27% decrease from October 2020 (5,571) and a 36.2% increase compared to November 2019 (2,987).
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 November is 27.9% for detached homes, 40.1% for townhouses, and 23.9% 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 $1,044,000. This represents a 5.8% increase over November 2019 and a 0.1% decrease compared to October 2020.
The total sales for November 2020 were 3,064. This works out to 1,061 detached homes with a benchmark price of $1,538,900, 632 townhouses with a benchmark price of $814,800 and 1,371 apartments with a benchmark price of $676,500.
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!