Strong December activity brought Vancouver 2020 home sales total in line with the long-term annual average Welcome to December's Real Estate Market Update
Happy New Year and welcome to the first Real Estate Market Update of 2021!
Even with a global pandemic and a much-altered Holiday season, it was still a busy December for the Vancouver Real Market, buyers, sellers and Realtors.
As reported by the Real Estate Board of Greater Vancouver (REBGV), residential home sales in the region saw a 53% increase from the sales recorded in December 2019, and a 1% increase from the 3,064 homes sold in November 2020.
Interestingly, home sales in December were 58% above the 10-year December sales average and is the highest total for the month on record!
“Robust December sales outpaced long-term averages in what’s traditionally the quietest month of the year in real estate. This was part of an unusual seasonal pattern the market followed last year, which can be attributed in large part to the pandemic,”
There were 2,409 detached, attached and apartment properties newly listed for sale on the MLS in Vancouver last month, representing a 52% increase compared to the 1,588 homes listed in December 2019 and a 41% per cent decrease compared to November 2020 when 4,068 homes were listed.
The total number of homes currently listed for sale on the MLS in Vancouver is 8,538, a 0.8% decrease compared to December 2019, and a 23% decrease compared to November 2020.
- All property types: 36%
- Detached Homes: 35%
- Townhomes: 50%
- Apartments: 33%
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.
Sales of detached homes in December 2020 reached 1,026, a 71% increase from the 599 detached sales recorded in December 2019. The benchmark price for detached homes is $1,554,600. This represents a 10% increase from December 2019 and a one per cent increase compared to November 2020.
Attached home sales in December 2020 totalled 593, a 63% increase compared to the 364 sales in December 2019. The benchmark price of an attached home is $813,900. This represents a 5% increase from December 2019 and a 0.1 per cent decrease compared to November 2020.
Sales of apartment homes reached 1,474 in December 2020, a 40% increase compared to the 1,053 sales in December 2019. The benchmark price of an apartment property is $676,500. This represents a 3% increase from December 2019 and is unchanged from November 2020.
If you'd like to know more about the Vancouver Real Estate Market, or how the current situation could affect 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.