Home sale activity remains elevated across Metro Vancouver's housing market while the pace of homes being listed for sale continues to follow long-term averages.
The Real Estate Board of Greater Vancouver saw residential homes sales total 3,149 for September 2021 which is a 13.6% decrease from this time last year (3,643) and a 0.1% decrease from August 2021 (3,152). Last month's sales were 20.8% above the 10-year September sales average.
Newly listed properties in September for Metro Vancouver reached 5,171 for all property types. This equates to a 28.2% increase from August 2021 (4,032) and a 19.2% decrease compared to September 2020 (6,402).
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 25.5% for detached homes, 53.1% for townhouses, and 36.7% 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 $1,186,100, this represents a 13.8% increase over September 2020 and a 0.8% increase compared to August 2021.
The total sales for September 2021 were 3,149. This works out to 950 detached homes with a benchmark price of $1,828,200, 578 townhouses with a benchmark price of $963,800 and 1,621 apartments with a benchmark price of $736,800.
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!