Metro Vancouver home sales reached an all-time high in 2021 as housing needs remained a top priority for residents in the second year of the COVID-19 pandemic.
The Real Estate Board of Greater Vancouver saw residential homes sales total 2,688 for December 2021 which is a 13.1% decrease from this time last year (3,093) and a 21.6% decrease from November 2021 (3,428). Last month's sales were 33.4% above the 10-year December sales average.
Newly listed properties in December for Metro Vancouver reached 1,945 for all property types. This equates to a 50.9% decrease from November 2021 (3,964) and a 19.3% decrease compared to December 2020 (2,409).
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 35.1% for detached homes, 75.6% for townhouses, and 60.8% 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 $1,230,200 this represents a 17.3% increase over December 2020.
The total sales for December 2021 were 2,688. This works out to 794 detached homes with a benchmark price of $1,910,200, 430 townhouses with a benchmark price of $1,004,900 and 1,474 apartments with a benchmark price of $761,800.
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!