Residential property sales in Metro Vancouver
Home sale and price activity remained steady in Metro Vancouver to start 2020 while home listing activity declined in January.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,571 in January 2020, a 42.4% increase from the 1,103 sales recorded in January 2019, and a 22.1% decrease from the 2,016 homes sold in December 2019.
Last month’s sales were 7.3% below the 10-year January sales average.
“We’ve begun 2020 with steady home buyer demand that tracks close to the region’s long-term average. Looking at supply, we’re seeing fewer homes listed for sale than is typical for this time of year. As we approach the traditionally more active spring market, we’ll keep a close eye on supply to see if the number of homes being listed is keeping pace with demand.” – Ashley Smith, REBGV president
There were 3,872 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2020. This represents a 20.1% decrease compared to the 4,848 homes listed in January 2019 and a 143.8% increase compared to December 2019 when 1,588 homes were listed.
Last month’s new listings were 17.4% below January’s 10-year average.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,617, a 20.3% decrease compared to January 2019 (10,808) and a 0.2% increase compared to December 2019 (8,603), and is 13.7% below the 10-year January average.
Sales-to-active listings ratio
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,008,700. This represents a 1.2% decrease over January 2019, a 1.4% increase over the past six months, and a 0.8% increase compared to December 2019.
Sales of detached homes in January 2020 reached 439, a 29.5% increase from the 339 detached sales recorded in January 2019. The benchmark price for detached properties is $1,431,200. This represents a 1.7% decrease from January 2019, a 1% increase over the past six months, and a 0.5% increase compared to December 2019.
Sales of apartment homes reached 814 in January 2020, a 45.6% increase compared to the 559 sales in January 2019. The benchmark price of an apartment property is $663,200. This represents a 1% decrease from January 2019, a 1.5% increase over the past six months, and a 1% increase compared to December 2019.
Attached home sales in January 2020 totalled 318, a 55.1% increase compared to the 205 sales in January 2019. The benchmark price of an attached unit is $782,500. This represents a 0.7% decrease from January 2019, a 1.6% increase over the past six months, and a 0.5% increase compared to December 2019.
For all property types, the sales-to-active listings ratio for January 2020 is 18.2%. By property type, the ratio is 11.6% for detached homes, 22.6% for townhomes, and 23.9% for apartments.
