As we progress into 2020, the Real Estate Board of Greater Vancouver (REBGV) is reporting steady home buyer demand coupled with low supply for Metro Vancouver.
February 2020’s 2,150 sales represent a 44.9% increase over the same time last year, and a 3.4% increase compared to the previous month.
A Great Time to Sell
“Our REALTORS are reporting increased traffic at open houses and multiple offer scenarios in certain pockets of the market,” notes Ashley Smith, REBGV President. “If you’re considering listing your home for sale, now is a good time to act with increased demand, reduced competition from other sellers, and some upward pressure on prices.”
February’s Market at a Glance
There were 4,002 homes newly listed on the Multiple Listing Service® (MLS®) system in Metro Vancouver in February 2020. This number represents a 2.8% increase compared to February 2019, and a 3.4% increase compared to January 2020.
The total number of homes currently listed for sale on Metro Vancouver’s MLS® system is 9,195, a 20.7% decrease compared to February 2019 and a 6.7% increase compared to January 2020.
The sales-to-active-listings ratio for all property types for February 2020 is 23.4%. By property type, that’s 17.3% for detached homes, 26.9% for townhomes, and 28.4% for apartments.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,020,600. The composite benchmark price is back on the rise, with this price representing a 2.7% increase over the past six months and a 0.3% increase over February 2019.
February Real Estate Sales by Property Type
There were 685 sales of detached homes in February 2020, a significant (52.9%) increase compared to February 2019. The current benchmark price for detached properties is $1,433,900. This price represents a 0.7% decrease from February 2019 and a 1.9% increase over the last six months.
Sales of apartment homes in February 2020 reached 1,061, representing a 39.8% increase compared to February 2019. The benchmark price of an apartment is now $677,200 — a 3.6% increase over the past six months.
Attached home sales in February 2020 saw a 45.8% increase compared to last year, with 404 homes sold. The benchmark price of an attached home is now $785,000. This price represents a 1.7% increase over the past six months.
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