While COVID-19 and associated restrictions continue to limit Metro Vancouver’s home sale and listing activity, Stilhavn and other REALTORS® across the region are innovating to make sure their clients receive the best advice and care possible.
The Real Estate Board of Greater Vancouver (REBGV) reports that April 2020 saw 1,109 residential home sales in the region. This represents a 39.4% decrease from April 2019 and a 56.1% decrease from March 2020’s 2,524 sales.
Last month’s sales were 62.7% below the 10-year April sales average and represented the lowest total for the month since 1982. Given BC’s social distancing rules in place throughout April, these numbers are not surprising.
“People are adapting,” notes REBGV President-Elect Colette Gerber. “They’re working with their REALTORS to get information, advice, and to explore their options so they’re best positioned in the market during and after this pandemic.”
“We’re seeing more innovation in today’s market, with REALTORS using technology to showcase homes virtually, assess neighbourhood amenities with their clients, and handle paperwork electronically,” Gerber continued.
April’s Housing Market at a Glance
There were 2,313 homes newly listed on the Multiple Listing Service® (MLS®) system in Metro Vancouver in April 2020. This number represents a 59.7% decrease compared to April 2019, and a 47.9% decrease compared to March 2020.
Right now, there are 9,389 homes currently listed on Metro Vancouver’s MLS® system, a 34.6% decrease compared to April 2019 and a 2.3% increase compared to March 2020.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,036,000. This price represents a 2.5% increase over April 2019 and a 0.2% increase over March 2020.
The sales-to-active-listings ratio for all property types for April 2020 is 11.8%. By property type, that’s 10% for detached homes, 14.7% for townhomes, and 12.4% for apartments.
Generally, analysts say home prices dip when the ratio falls below 12% for a sustained period. Home prices often rise when the sales-to-active-listings ratio goes above 20% over several months.
Sales by Property Type
There were 388 detached homes sold in April 2020, a 33.8% decrease compared to April 2019. The current benchmark price for detached properties is $1,462,100. This price represents a 2.3% increase from April 2019 and a 0.8% increase compared to March 2020.
April 2020 saw 218 sales of attached homes, for a 39.1% decrease compared to last year. The benchmark price of an attached home is now $796,800. This price represents a 2.8% increase from April 2019 and a 0.6% increase compared to March 2020.
Finally, there were 503 condominium sales in April 2020, a 43.2% decrease compared to April 2019. The benchmark price of an apartment is now $685,000 — a 2.7% increase compared to April 2019 and a 0.2% decrease compared to March 2020.
Home Prices Remain Steady, Says REBGV
Looking for some good news? “Home prices have held relatively steady in our region since the COVID-19 situation worsened in March,” Gerber said.
If you’ve got questions about buying or selling your home in this market, Stilhavn’s expert REALTORS® are here to help. The future looks bright, and we’re in this together.