While home buyers have remained active in Metro Vancouver throughout the summer, the supply of homes for sale has declined steadily since June.
The Real Estate Board of Greater Vancouver saw residential homes sales total 3,152 for August 2021 which is a 3.4% increase from this time last year (3,047) and a 5.2% decrease from July 2021 (3,326). Last month's sales were 20.4% above the 10-year August sales average.
Newly listed properties in August for Metro Vancouver reached 4,032 for all property types. This equates to a 7.9% decrease from July 2021 (4,377) and a 30.6% decrease compared to August 2020 (5,813).
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 an increase in the combined sales-to-active ratio from last month keeping us in a Seller's Market.
Broken down by property type, the sales-to-active ratio for August is 25.3% for detached homes, 51.8% for townhouses, and 39.2% for condos. This means that townhouses are in a high Seller's Market, condos are in a Seller's Market as well and the detached sector is still in a Seller's Market.
The Real Estate Board of Greater Vancouver reports that the composite benchmark price is currently above $1 million at $1,176,600, this represents a 13.2% increase over August 2020 and a 0.1% increase compared to July 2021.
The total sales for August 2021 were 3,152. This works out to 945 detached homes with a benchmark price of $1,807,100, 576 townhouses with a benchmark price of $952,600 and 1,631 apartments with a benchmark price of $735,100.
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!