Home sale and new listing activity remained at near record levels across Metro Vancouver in October.
The Real Estate Board of Greater Vancouver saw residential homes sales total 3,687 for October 2020 which is a 29% increase from this time last year (2,858) and a 1.2% increase from September 2020 (3,643). Last month's sales were 34.7% above the 10-year October sales average.
Newly listed properties in October for Metro Vancouver reached 5,571 for all property types. This equates to a 13% decrease from September 2020 (6,402) and a 36.7% increase compared to October 2019 (4,074).
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 October is 30.9% for detached homes, 43.5% for townhouses, and 24.9% 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 $1,045,100. This represents a 6% increase over October 2019 and a 0.4% increase compared to September 2020.
The total sales for October 2020 were 3,687. This works out to 1,335 detached homes with a benchmark price of $1,523,800, 782 townhouses with a benchmark price of $813,000 and 1,570 apartments with a benchmark price of $683,500.
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!