Steady increases in home sale and listing activity continue in June. Home buyers and sellers have gradually become more active in each month of the COVID-19 pandemic. In June, home sale and listing activity in Metro Vancouver returned to more historically typical levels.
The Real Estate Board of Greater Vancouver saw residential homes sales total 2,443 for June 2020 which is a 17.6% increase from this time last year (2,077) and a 64.5% increase from May 2020 (1,485). Last month's sales were 21.9% below the 10-year June sales average.
Newly listed properties in June for Metro Vancouver reached 5,787 for all property types. This equates to a 57.1% increase from May 2020 (3,684) and a 321.8% increase compared to June 2019 (4,751).
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 June is 19.9% for detached homes, 25.2% for townhouses, and 21.3% 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 now in a Balanced Market.
The Real Estate Board of Greater Vancouver reports that the composite benchmark price is currently above $1 million at $1,025,300. This represents a 3.5% increase over June 2019 and a 0.3% decrease compared to May 2020.
The total sales for June 2020 were 2,443. This works out to 866 detached homes with a benchmark price of $1,464,200, 472 townhouses with a benchmark price of $790,800 and 1,105 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!