Metro Vancouver's housing market saw steady home buyer demand to begin March and a levelling off of activity as the month went on and concerns about the COVID-19 outbreak intensified.
The Real Estate Board of Greater Vancouver saw residential homes sales total 2,524 for March 2020 which is a 46.1% increase from this time last year (1,727) and a 17.4% increase from February 2020 (2,150). Last month's sales were 19.9% below the 10-year March sales average.
Newly listed properties in March for Metro Vancouver reached 4,436 for all property types. This equates to a 10.8% increase from February 2020 (4,002) and a 10.4% decrease compared to March 2019 (4,949).
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 March was 21.1% for detached homes, 33% for townhouses, and 28.9% 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 $1,033,700. This represents a 2.1% increase from March 2019.
The total sales for March 2020 were 2,524. This works out to 852 detached homes with a benchmark price of $1,450,700, 493 townhouses with a benchmark price of $791,800 and 1,179 apartments with a benchmark price of $687,000.
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!