Home sales activity in the Metro Vancouver housing market continue to improve on 2019’s slump.
Data from the Real Estate Board of Greater Vancouver shows a 42.4% increase in sales year-over-year with 1,571 homes sold. This is also up 22.1% from December.
Although sales remain weak by historic standards – missing the 10-year average for January by 7.3% - the significant improvement from last year sets up a better year ahead.
“We’ve begun 2020 with steady home buyer demand that tracks close to the region’s long-term average,” Ashley Smith, REBGV president said. “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.”
Although new supply in January improved on the previous month - with 3,872 listings representing a 143.8% increase from December – it is a 20.1% decrease from January 2019 and new listings were 17.4% below the 10-year January average.
Total inventory was also down more than 20% year-over-year and more than 13% below the long-term average for the month. There were 8,617 homes available to buy listed on the MLS in January.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,008,700, 1.2% below January 2019, but up 1.4% over the past six months, and up 0.8% from December.
Stats by property type
Sales of detached homes in January 2020 reached 439, a 29.5% increase from the 339 detached sales recorded in January 2019. The benchmark price for detached properties is $1,431,200. This represents a 1.7% decrease from January 2019, a 1% increase over the past six months, and a 0.5% increase compared to December 2019.
Sales of apartment homes reached 814 in January 2020, a 45.6% increase compared to the 559 sales in January 2019. The benchmark price of an apartment property is $663,200. This represents a 1% decrease from January 2019, a 1.5% increase over the past six months, and a 1% increase compared to December 2019.
Attached home sales in January 2020 totalled 318, a 55.1% increase compared to the 205 sales in January 2019. The benchmark price of an attached unit is $782,500. This represents a 0.7% decrease from January 2019, a 1.6% increase over the past six months, and a 0.5% increase compared to December 2019.
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