In the first month of 2021, Metro Vancouver's housing market continued the pattern set at the end of last year with home sale activity outpacing the supply of homes listed for sale.
The Real Estate Board of Greater Vancouver saw residential homes sales total 2,389 for January 2021 which is a 52.1% increase from this time last year (1,571) and a 22.8% decrease from December 2020 (3,093). Last month's sales were 36.4% above the 10-year January sales average.
Newly listed properties in January for Metro Vancouver reached 4,480 for all property types. This equates to a 86% increase from December 2020 (2,409) and a 15.7% increase compared to January 2020 (3,872).
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 January is 26.3% for detached homes, 37.6% for townhouses, and 27.8% 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 $1,056,600. This represents a 5.5% increase over January 2020.
The total sales for January 2021 were 2,389. This works out to 740 detached homes with a benchmark price of $1,576,800, 454 townhouses with a benchmark price of $815,800 and 1,195 apartments with a benchmark price of $680,800.
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!