3% More Listings than August but Inventory Still Far Below 10-year Average
The total number of home sales in Metro Vancouver was virtually unchanged from August, but new listings were up 28% for September, as expected for the fall market. That said, inventory still remains low with the current listing count at 28% below the 10-year average. Benchmark pricing was up 1% overall.
Below is a recap of the most relevant insights, as reported by the REBGV.
- There were 3149 home sales in Vancouver for September 2021, which is a 14% decrease from the same month in 2020 but 21% over the 10-year average. Sales numbers were virtually unchanged in comparison with August 2021. Benchmark pricing increased 14% overall during the past 12 months, inclusive of all property types.
- There are 9,236 homes currently listed for sale on the Multiple Listing Service® (MLS®). This is 30% less than the 13,096 homes listed in September 2020 and an 3% increase compared to August 2021 when 9,005 homes were listed. This number is 28% below the 10-year average.
- The sales-to-active-listings ratio for all homes in September 2021 was 34%. According to analysts, prices generally decline when this ratio falls below 12% for a sustained period of time, and increase when it rises above 20% over several months.
- Broken down by property type, the September sales-to-listing ratio was 26% for Vancouver houses, 53% for townhomes, and 37% for condos.
- For detached homes, the benchmark pricing is $1,828,200. This is a 20% increase from September 2020 and a 1% increase from August 2021. There was a 28% decrease in detached Vancouver home sales compared with September 2020.
- For Vancouver apartments, the number of sales went up 2% from September 2020 to September 2021. The benchmark price for an apartment rose 8% to $738,600 over the past year and 1% up over August, 2021.
- Sales of of duplex and townhouse homes decreased 21% when comparing September 2020 and 2021. Benchmark pricing for Vancouver attached homes went up 18% to $963,800 over the same time frame, and 1% from August 2021
- You can find the latest real estate statistics for North Vancouver, West Vancouver, Vancouver West and Vancouver East specifically by clicking here. Alternatively, send me an email and I'll make sure they get to you each month.