The year 2020 in Metro Vancouver began with continued signs of growing rebound of residential real estate, according to the Real Estate Board of Greater Vancouver’s (REBGV) January 2020 statistics.
Home sales for the month totalled 1,571 units, representing a 42.4% increase from the 1,103 sales recorded during the same period in 2019, and a 22.1% decrease from the 2,016 homes the previous month.
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But January 2020 sales were still below the 10-year sales average for the month, with volumes down by 7.3% over the historical trend.
“We’ve begun 2020 with steady home buyer demand that tracks close to the region’s long-term average,” said Ashley Smith, president of REBGV, in a statement.
“Looking at supply, we’re seeing fewer homes listed for sale than is typical for this time of year. 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.”
Over the month, there were 3,872 homes newly listed for sale, which is a 20.1% decrease compared to 4,848 homes listed in January 2019 and a 143.8% increase compared to December 2019 when 1,588 homes were listed. However, January 2020’s new listings were 17.4% below the month’s 10-year average.
Currently, there are 8,617 homes listed for sale in the region, representing a 20.3% decrease compared to January 2019 and a 0.2% increase over December 2019.
Overall, the sales-to-active listings ratio for the month was 18.2%, with the ratio at 11.6% for detached homes, 22.6% for townhomes, and 23.9% for apartments. Downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it exceeds 20% over several months.
The composite benchmark price for all residential properties in Metro Vancouver is currently hovering at $1,008,700 — a 1.2% decrease compared to January 2019, a 1.4% increase over the past six months, and a 0.8% increase over the previous month.
January 2020 home sales statistics
- Detached homes
- Number of units sold: 439 (+29.5% year-over-year)
- Active listings: 3,799
- Benchmark price: $1,431,200 (-1.7% year-over-year; +0.5% over December 2019)
- Average days on market: 69
- Apartment homes
- Number of units sold: 814 (+45.6% year-over-year)
- Active listings: 3,411
- Benchmark price: $663,200 (-1% year-over-year; +1% over December 2019)
- Average days on market: 43
- Townhouse sales
- Number of units sold: 318 (+55.1% year-over-year)
- Active listings: 1,407
- Benchmark price: $782,500 (-0.7% year-over-year; +0.5% over December 2019)
- Average days on market: 58