Homebuyers and sellers have gradually become more active in each month since March. In June, home sale and listing activity in Metro Vancouver returned to more historically typical levels.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,443 in June 2020, a 17.6% increase from the 2,077 sales recorded in June 2019, and a 64.5% increase from the 1,485 homes sold in May 2020.
Last month’s sales were 21.9% below the 10-year June sales average.
“Realtors continue to optimize new technology tools and practices to help their clients meet their housing needs in a safe and responsible way. Over the last three months, homebuyers and sellers have become more comfortable operating within the physical distancing and other safety protocols in place.” – Colette Gerber, REBGV Chair
There were 5,787 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2020. This represents a 21.8% increase compared to the 4,751 homes listed in June 2019 and a 57.1% increase compared to May 2020 when 3,684 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,424, a 23.7% decrease compared to June 2019 (14,968) and a 15.1% increase compared to May 2020 (9,927).
“Much more of the real estate transaction is happening virtually today. Before considering an in-person showing, Realtors are helping potential buyers pre-screen homes more thoroughly by taking video tours, reviewing floorplans and an increased number of high-resolution images, as well as often driving through the neighbourhood.”
Sales-to-active listings ratio
For all property types, the sales-to-active listings ratio for June 2020 is 21.4%. By property type, the ratio is 19.9% for detached homes, 25.2% for townhomes, and 21.3% for apartments.
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.
“Home prices have remained steady with minimal fluctuation over the last few months,” Gerber said. “With increasing demand, Realtors have begun seeing multiple offers for homes priced competitively for today’s market.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,025,300. This represents a 3.5% increase over June 2019 and a 0.3% decrease compared to May 2020.
Sales of detached homes in June 2020 reached 866, a 16.1% increase from the 746 detached sales recorded in June 2019. The benchmark price for a detached home is $1,464,200. This represents a 3.6% increase from June 2019 and a 0.5% increase compared to May 2020.
Sales of apartment homes reached 1,105 in June 2020, a 17.4% increase compared to the 941 sales in June 2019. The benchmark price of an apartment property is $680,800. This represents a 3.6% increase from June 2019 and a 0.8% decrease compared to May 2020.
Attached home sales in June 2020 totalled 472, a 21% increase compared to the 390 sales in June 2019. The benchmark price of an attached home is $790,800. This represents a 2.3% increase from June 2019 and a 0.2% decrease compared to May 2020.
