DECEMBER SALES 58% OVER 10 YEAR AVERAGE - PRICES UP
Updated: Jan 13, 2021
2020 may have started off slow before slowing even further with the onset of COVID, but it certainly ended strong with December sales being the highest ever recorded for the month and 57.7% above the 10 year average.
The Real Estate Board of Greater Vancouver reported that there were 3,093 home sales in Vancouver for December 2020, which is a 53.4% increase from the same month in 2019. It's also 0.9% higher than November 2020, which is unusual given that December is often the slowest month of the year thanks to the holidays.
The percentage of homes selling compared to the amount of available inventory is also on the upswing. When taking all available homes into account, the sales-to-active listings ratio for December 2020 was 36.2%. Generally prices decline when this ratio falls below 12% for a sustained period of time, and conversely, when it rises above 20% they tend to increase.
Broken down by property type, the December sales-to-listing ratio was 35.2% for detached homes, 50.4% for townhomes, and 33.1% for apartments.
As for as pricing and sales numbers are concerned, the benchmark price for detached home in Vancouver is $1,554,600. This is a 10.2% increase from December 2019 and a 1% increase over November 2020. This increase goes hand-in-hand with a 71.3% increase in detached home sales.
Apartments didn't make quite that degree of a jump in sales. Sales numbers went up 40% between December 2019 and December 2020. The benchmark price for an apartment went up 2.6% over the past year and remained unchanged from November, 2020.
Sales of of duplex and townhouse homes jumped 62.9% between December 2019 and 2020. Benchmark pricing went up 4.9% over the same time frame and was virtually unchanged from November, 2020 to December, 2020.
Curious about how your neighbourhood or home is fairing in terms of pricing and market interest? Get in touch.
Alternatively, can find detailed neighbourhood reports for West, East, North Vancouver and Vancouver West here, as well as the full press release from the Real Estate Board of Greater Vancouver.