Home sale activity in Metro Vancouver remained above historical averages in October while the overall supply of homes for sale dipped to levels not seen in three years.
The Real Estate Board of Greater Vancouver saw residential homes sales total 3,494 for October 2021 which is a 5.2% decrease from this time last year (3,687) and a 11% increase from September 2021 (3,149). Last month's sales were 22.4% above the 10-year October sales average.
Newly listed properties in October for Metro Vancouver reached 4,049 for all property types. This equates to a 21.7% decrease from September 2021 (5,171) and a 27.3% decrease compared to October 2020 (5,571).
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 33.6% for detached homes, 64.4% for townhouses, and 46.7% for condos. This means that townhouses are in a high 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 $1,199,400 this represents a 14.7% increase over October 2020 and a 1.1% increase compared to September 2021.
The total sales for October 2021 were 3,494. This works out to 1,090 detached homes with a benchmark price of $1,850,500, 603 townhouses with a benchmark price of $975,000 and 1,801 apartments with a benchmark price of $746,400.
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!