While Metro Vancouver home sale and listing activity remains limited by the COVID-19 situation, Realtors across the region are fast adopting new tools and practices to help advise and serve their clients in a responsible way.
The Real Estate Board of Greater Vancouver saw residential homes sales total 1,109 for April 2020 which is a 39.4% decrease from this time last year (1,829) and a 56.1% decrease from March 2020 (2,524). Last month's sales were 62.7% below the 10-year April sales average.
Newly listed properties in April for Metro Vancouver reached 2,313 for all property types. This equates to a 47.9% decrease from March 2020 (4,436) and a 59.7% decrease compared to April 2019 (5,742).
Analysts generally agree that downward pressure on home prices occur when the sales-to-active ratio dips below 12% which is referred to as a Buyer’s Market, whereas home prices experience upward pressure when it goes beyond 20%, also referred to as a Seller’s Market. A Balanced Market is between the two. Metro Vancouver saw a decrease in the combined sales-to-active ratio from last month putting us now in a Buyer's Market.
Broken down by property type, the sales-to-active ratio for March was 21.1% for detached homes, 33% for townhouses, and 28.9% for condos. This means that townhouses are still in a Seller's Market, condos are in a Seller's Market as well and the detached sector is now in a Buyer's Market.
The Real Estate Board of Greater Vancouver reports that the composite benchmark price is currently above $1 million at $1,036,000. This represents a 2.5% increase from April 2019.
The total sales for April 2020 were 1,109. This works out to 388 detached homes with a benchmark price of $1,462,100, 218 townhouses with a benchmark price of $796,800 and 503 apartments with a benchmark price of $685,500.
Ready to jump into the market? Whether you’re looking to buy, sell, or learn more about what this means for you, reach out to us today!