As 2020 begins, the Real Estate Board of Greater Vancouver (REBGV) is reporting steady home sales and price activity for Metro Vancouver, though the supply of available homes has seen a decline.
January 2020’s 1,571 sales represent a 42.4% increase over the same time last year.
It’s not all increases, though: when compared to December 2019 (2,016 homes sold), sales are down. Last month’s sales were also 7.3% below the 10-year January sales average.
Preparing for a Busier Spring Market
“We’ve begun 2020 with steady home buyer demand that tracks close to the region’s long-term average. Looking at supply, we’re seeing fewer homes listed for sale than is typical for this time of year,” notes Ashley Smith, REBGV President. “As we approach the traditionally more active spring market, we’ll keep a close eye on supply to see if the number of homes being listed is keeping pace with demand.”
January’s Market at a Glance
There were 3,872 homes newly listed on the Multiple Listing Service® (MLS®) system in Metro Vancouver in January 2020. This number represents a 20.1% decrease compared to January 2019, and a 143.8% increase compared to December 2019. January 2020’s new listings were 17.4% below January’s 10-year average.
The total number of homes currently listed for sale on Metro Vancouver’s MLS® system is 8,617, a 20.3% decrease compared to January 2019 but a slight (0.2%) increase compared to December 2019. The number of homes currently listed is 13.7% below the 10-year January average.
The sales-to-active-listings ratio for all property types for January 2020 is 18.2%. By property type, that’s 11.6% for detached homes, 22.6% for townhomes, and 23.9% for apartments.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,008,700. The composite benchmark price is back on the rise, with this price representing a 1.4% increase over the past six months and a 0.8% increase from December 2019.
Sales by Property Type
There were 439 sales of detached homes in January 2020, a 29.5% increase compared to January 2019. The current benchmark price for detached properties is $1,431,200. This price represents a 1.7% decrease from January 2019, but a 1% increase over the last six months.
Sales of apartment homes in January 2020 reached 814, representing a significant (45.6%) increase compared to January 2019. The benchmark price of an apartment is now $663,200 — a 1.5% increase over the past six months.
Attached home sales in January 2020 saw a 55.1% increase compared to last year, with 318 homes sold. The benchmark price of an attached home is now $782,500. This price represents a 1.6% increase over the past six months.