Inventory at 3-year Low While Sales Still 22% Over 10-year Average
The total number of sales for October 2021 declined 5% from October 2020 but still remained 22% over the 10-year average and 11% up from September. At the same time, the overall supply of homes dropped 35% from 12 months ago and 13% from September, making it the lowest inventory level the market has experienced in 3 years.
This extremely low supply and continuously strong buyer demand has pushed the overall sale-to-listing ratio to a significant 44%. Prices continue to inch up as a result despite some marginal increases in fixed interest rates by the major banks.
Below is a recap of the most relevant insights, as reported by the REBGV:
- There were 3494 home sales in Vancouver for October 2021, which is a 5% decrease from the same month in 2020 but 22% over the 10-year average. Sales numbers were 11% above those of September 2021. At the same time, benchmark pricing increased 15% overall during the past 12 months, inclusive of all property types.
- There are 8,034 homes currently listed for sale on the Multiple Listing Service® (MLS®). This is 35% less than the 12,416 homes listed in October 2020 and an 13% decrease compared with September 2021 when 9236 homes were listed.
- The sales-to-active-listings ratio for all homes in October 2021 was 44%. 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 October sales-to-listing ratio was 34% for houses, 64% for townhomes, and 47% for condos.
- For detached homes, the benchmark pricing is $1,850,500. This is a 21% increase from October 2020 and a 1% increase from September 2021. There was a 18% decrease in detached home sales in compared with October 2020.
- For apartments, the number of sales went up 15% from October 2020 to October 2021. The benchmark price for an apartment rose 10% to $746,400 over the past year and also increased 1% from September, 2021.
- Sales of of duplex and townhouse homes decreased 23% when comparing October 2020 and 2021. Benchmark pricing went up 19% to $975,000 over the same time frame and 1% from September 2021
- You can find the latest 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.
Have questions about how this affects your home sale or purchase, market trends in your specific neighbourhood, or anything else? Reach me at 778 321 0091, firstname.lastname@example.org or use this link.