Steady demand and low supply benefits home sellers
February saw steady home buyer demand and reduced home seller supply across Metro Vancouver.
Total home sales in the residential sector for February 2020 totalled 2,150, representing a 44.9% increase from February 2019 sales of 1,484 homes sold. Sales also increased by 36.9% from January 2020 where 1,571 homes were sold.
“Home buyer demand again saw strong year-over-year increases in February while the total inventory of homes for sale struggled to keep pace,” Ashley Smith, REBGV president states. “This was most pronounced in the condominium market.”
On the supply side, there were 4,002 newly listed homes comprising of the detached, apartment, and attached residences. This reflects an increase of 3.4% compared to homes listed in January 2020.
MLS current listings are 9,195 or a 6.7% increase compared to January 2020.
For all property types, the sales-to-active listings ratio for February 2020 is 23.4%. By property type, the ratio is 17.3% for detached homes, 26.9% for townhomes, and 28.4% for apartments.
Metro Vancouver benchmark price for all residential homes currently sits at $1,020,600 as indicated by the MLS Home Price Index composite. That is a 2.7% increase over the past six months.
February 2020 detached housing increased 52.9% (685) from February 2019 (448). Currently, the detached home benchmark sits at $1,433,900 a 1.9% increase over the last 6 months.
The benchmark price for apartments is currently $677,200. This represents a 3.6% increase over the past 6 months.
Lastly, Townhomes or attached homes, sales totals for February were 404, with the attached home benchmark price currently sitting at $785,000 a 1.7% increase over the past 6 months.