The first month of 2022 saw home sales come down from last year's record setting pace, while low supply continued to cause home prices to edge higher across Metro Vancouver.
The Real Estate Board of Greater Vancouver saw residential homes sales total 2,285 for January 2022 which is a 4.4% decrease from this time last year (2,389) and a 15% decrease from the 2,688 homes sold in December 2021. Last month's sales were 25.3% above the 10-year January sales average.
Newly listed properties in January for Metro Vancouver reached 4,170 for all property types. This equates to a 6.9% decrease from January 2021 (4,480) and a 114.4% increase compared to December 2021 (1,945).
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 2022 is 28% for detached homes, 51.6% for townhouses, and 49.7% 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 $1,255,200 this represents a 18.5% increase over January 2021.
The total sales for January 2022 were 2,285. This works out to 622 detached homes with a benchmark price of $1,953,000, 348 townhouses with a benchmark price of $1,029,500 and 1,195 apartments with a benchmark price of $775,700.
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!