Home buyer demand has been at near record levels in our region since the summer - Welcome to November's Real Estate Market Update
Another month, and more records being broken in the Vancouver Real Estate Market. Sales of homes in Vancouver have once again outpaced historical averages with November sales eclipsing 3,000 for the first time since 2015.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,064, a 22.7% increase from November 2019, yet a 16.9% decrease from the homes sold last month.
After an incredibly busy November, sales were 24.6% above the 10-year November sales average – the second highest total in this period.
This demand for homes is putting upward pressure on prices, particularly in our detached and townhome markets.
There were 4,068 detached, attached and apartment homes newly listed for sale on MLS in Vancouver in November 2020, representing a 36.2% increase compared to the 2,987 homes listed in November 2019 and a 27% decrease compared to October 2020 when 5,571 homes were listed.
The total number of homes currently listed for sale on MLS is 11,118, a 10.5% decrease compared to last month.
"The supply of homes for sale are a critical factor in understanding home price trends," Colette Gerber, REBGV Chair said.
"The total number of homes for sale in Metro Vancouver is lagging behind the pace of demand right now. This trend favours home sellers in today's market."
Sales-Active Listings Ratio
- All property types: 27.6%
- Detached homes: 27.9%
- Townhomes: 40.1%
- Apartments: 23.9%
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.
The global pandemic continues to have an effect on the housing market, with the rise of work-from-home arrangements and physical distancing policies causing some home buyers to opt for less densified areas.
The MLS Home Price Index
The average price of all residential properties in Vancouver is currently $1,044,000. This represents a 5.8% increase over November 2019 and a 0.1% decrease compared to October 2020.
During November, there were 1,061detached homes sold, a 28.6% increase from the sales recorded in November 2019.
The benchmark price for a detached home is $1,538,900 - a 9.4% increase from November 2019 and a 1% increase compared to October 2020.
There were 632 townhomes sold in Metro Vancouver, a 40.1% increase compared to the 451 sales in November 2019. The benchmark price of a townhome is currently sitting at $814,800 – a 5.6% increase from November 2019 and a 0.2% increase compared to October 2020.
Sales of apartment homes reached 1,371 in November 2020; a 12.2% increase compared to the 1,222 sales in November 2019. The benchmark price of an apartment home is $676,500. This represents a 3.4% increase from November 2019 and a 1% decrease compared to October 2020.
If you'd like to know more about the Vancouver Real Estate Market, or how the current situation could effect your decisions to buy or sell, feel free to reach out to me. I'd be happy to help guide you through the market. Contact me today.