Home sale and listing activity continues to increase in August
Hello and welcome to my Vancouver Real Estate Market update covering activity for July 2020.
Another busy month in the Vancouver real estate marketing with buyers and sellers remaining active throughout August. Home sales and new listings outpaced the region’s historical averages.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,047 in August, a 36.6% increase from the sales recorded in August 2019, and a 2.6% decrease from the 3,128 homes sold in July 2020.
Last month’s sales were 19.9% above the 10-year August sales average.
There were 5,813 detached, attached and apartment properties newly listed for sale in Metro Vancouver in August - representing a 55.1% increase compared to August, 2019 and a slight (2.3%) decrease compared to last month, when 5,948 homes were listed.
This was 34.8% above the 10-year August new listings average.
Sales to Active Listings Ratio – All Property Types
The sales-to-active listings ratio for all property types in August was 23.8%.
By property type, the ratio as follows:
Remember, downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
“Low interest rates and limited overall supply of homes for sale are creating competition in today’s housing market.” - Colette Gerber, REBGV chair
The MLS® Home Price Index
The MLS® Home Price Index benchmark price for all residential properties in Vancouver is currently $1,038,700. This represents a 5.3% increase over August 2019 and a 0.7% increase compared to July 2020.
Sales of detached homes in August 2020 saw a 55.1% increase from the detached sales recorded in August 2019. The benchmark price of a detached home is currently $1,491,300 - a 6.6% increase from August 2019 and a 1% increase compared to July 2020.
Attached home sales in August 2020 totalled 620, a 51.6% increase compared to the 409 sales in August 2019. The benchmark price of an attached home is $806,400. This represents a 4.4% increase from August 2019 and a 1.1% increase compared to July 2020.
Sales of apartment homes reached 1,332 in August 2020, a 19.4% increase compared to the 1,116 sales in August 2019. The benchmark price of an apartment property is $685,800. This represents a 4.5 % from August 2019 and a 0.5% increase compared to July 2020.
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