MARKET UPDATE- JANUARY 2020
HOME SALE ACTIVITY UP, SUPPLY DOWN
Inventory is down – buyers are looking for your home.
Total home sales in the residential sector for January 2020 totalled 1,571, representing a 42.4% increase from January 2019 sales of 1,103 homes sold. Sales did however decrease 22.1% from December 2019 where 2,016 homes were sold.
Ashley Smith, REBGV president states, “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.
On the supply side, there were 3,872 newly listed homes comprising of the detached, apartment, and attached residences. This reflects an increase of 143.8% compared to homes listed in December 2019.
MLS current listings are 8,617 or a 0.2% increase compared to December 2019.
For all property types, the sales-to-active listings ratio for January 2020 is 18.2%. By property type, the ratio is 11.6% for detached homes, 22.6% for townhomes, and 23.9% for apartments.
Metro Vancouver benchmark price for all residential homes currently sits at $1,008,700 as indicated by the MLS Home Price Index composite. That is an 1.2% decrease over January 2019 and a 1.4% increase over the past six months.
January 2020 detached housing increased 29.5% (439) from January 2019 (339). Currently, the detached home benchmark sits at $1,431,200 a 1.7 % decrease from January 2019 stats and a 0.5% increase compared to December 2019.
The benchmark price for apartments is currently $663,200. This represents a 1.7% decrease compared to January 2019 and a 1% increase compared to December 2019.
Lastly, Townhomes or attached homes, sales totals for January were 318, showing a 55.1% increase compared to January 2019 where 205 sales were recorded. The attached home benchmark price currently sits at $782,500 a 0.7% decrease in comparison to January 2019 and a 0.5% increase compared to December 2019.
What do these stats mean to you? In winter, inventory is generally low. This means you have a greater chance of selling your home – at the price you want. Call us today and let us help you read the market for your home.
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