Low Inventory and Steady Prices Mark August. More Activity Expected.
Prices remain steady as we move into September and the fall market begins to pick up. Although there were 5% fewer sales than this past July, low inventory was a theme throughout August with 8% fewer homes listed than in July and 30% less than August 2020. At the same time, sales were still 20% above the 10-year average and 3% higher than August 2020.
Below is a recap of the most relevant insights, as reported by the REBGV:
- There were 3152 home sales in Vancouver for August 2021, which is a 3% increase over the same month in 2020 and 20% over the 10-year average. That said, sales were 5% lower than they were in July 2021. Benchmark pricing increased 13% overall during the past 12 months, inclusive of all property types.
- There were 4,032 homes newly listed for sale on the Multiple Listing Service® (MLS®) for August 2021. This is 31% less than the 5,813 homes listed in August 2020 and an 8% decrease compared to July 2021 when 5,849 homes were listed.
- The sales-to-active-listings ratio for all homes in August 2021 was 35%. 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 August sales-to-listing ratio was 25% for houses, 52% for townhomes, and 39% for condos.
- For detached homes, the benchmark pricing is $1,807,100. This is a 20% increase from August 2020 and remains virtually unchanged from July 2021. There was a 14% decrease in detached home sales in compared with August 2020.
- For apartments, the number of sales went up 22% from August 2020 to August 2021. The benchmark price for an apartment went up 8% to $735,100 over the past year but is almost on par with July, 2021.
- Sales of of duplex and townhouse homes decreased 7% when comparing August 2020 and 2021. Benchmark pricing went up 17% to $952,600 over the same time frame and negligibly since July, 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, email@example.com or contact me here.