Strong December activity brought Metro Vancouver's 2020 home sales total in line with the region's long-term annual average.
The Real Estate Board of Greater Vancouver saw residential homes sales total 3,093 for December 2020 which is a 53.4% increase from this time last year (2,016) and a 0.9% increase from November 2020 (3,064). Last month's sales were 57.7% above the 10-year December sales average.
Newly listed properties in December for Metro Vancouver reached 2,409 for all property types. This equates to a 40.8% decrease from November 2020 (4,068) and a 51.7% increase compared to December 2019 (1,588).
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 December is 35.2% for detached homes, 50.4% for townhouses, and 33.1% for condos. This means that townhouses are in a 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 $1,047,400. This represents a 5.4% increase over December 2019.
The total sales for December 2020 were 3,093. This works out to 1,026 detached homes with a benchmark price of $1,554,600, 593 townhouses with a benchmark price of $813,900 and 1,474 apartments with a benchmark price of $676,500.
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!