Metro Vancouver's housing market experienced steady home sales and price activity while home listing activity declined in January. Last month's sales were 7.3% below the 10 year January sales average.
The Real Estate Board of Greater Vancouver saw residential homes sales total 1,571 for January 2020 which is a 42.4% increase from this time last year (1,103) and a 22.1% decrease from December 2019 (2,016).
Newly listed properties in January for Metro Vancouver reached 3,872 for all property types. This equates to a 143.8% increase from December 2019 (1,588) and a 20.1% decrease compared to January 2019 (4,848).
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 slight decrease in the combined sales-to-active ratio from last month putting us now in a Balanced Market.
Broken down by property type, the sales-to-active ratio for January was 11.6% for detached homes, 22.6% for townhouses, and 23.9% 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 $1,008,700. This represents a 0.8% increase from December 2019.
The total sales for January 2020 were 1,571. This works out to 439 detached homes with a benchmark price of $1,431,200, 318 townhouses with a benchmark price of $782,500, and 814 apartments with a benchmark price of $663,200.
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!