Metro Vancouver home sales and listings surge in September. New home sales and listing activity reached record levels last month!
The Real Estate Board of Greater Vancouver saw residential homes sales total 3,643 for September 2020 which is a 56.2% increase from this time last year (2,333) and a 19.6% increase from August 2020 (3,047). Last month's sales were 44.8% above the 10-year September sales average.
Newly listed properties in September for Metro Vancouver reached 6,402 for all property types. This equates to a 10.1% increase from August 2020 (5,813) and a 31.6% increase compared to September 2019 (4,866).
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 September is 28.3% for detached homes, 31.6% for townhouses, and 24.8% 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 $1,041.300. This represents a 5.8% increase over September 2019 and a 0.3% increase compared to August 2020.
The total sales for September 2020 were 3,643. This works out to 1,317 detached homes with a benchmark price of $1,507,500, 730 townhouses with a benchmark price of $809,900 and 1,596 apartments with a benchmark price of $683,500.
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!