February saw steady home buyer demand and reduced home seller supply across Metro Vancouver. Last month's sales were 15.6% below the 10-year February sales average.
The Real Estate Board of Greater Vancouver saw residential homes sales total 2,150 for February 2020 which is a 44.9% increase from this time last year (1,484) and a 36.9% increase from January 2020 (1,571).
Newly listed properties in February for Metro Vancouver reached 4,002 for all property types. This equates to a 3.4% increase from January 2020 (3,872) and a 2.8% increase compared to February 2019 (3,892).
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 putting us now in a Seller's Market.
Broken down by property type, the sales-to-active ratio for February was 17.3% for detached homes, 26.9% for townhouses, and 28.4% 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 still in a Buyer's Market.
The Real Estate Board of Greater Vancouver reports that the composite benchmark price is currently above $1 million at $1,020,600. This represents a 0.7% decrease from February 2019.
The total sales for February 2020 were 2,150. This works out to 685 detached homes with a benchmark price of $1,433,900, 404 townhouses with a benchmark price of $785,000 and 1,061 apartments with a benchmark price of $677,200.
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!