The Metro Vancouver real estate market continues to tick along with October 2020 sales coming in at 3,687 units. This is a 29% increase from the same month last year and a 1.2% increase from the record-setting September 2020.
October sales totals were also 35% above the 10-year average and the second highest on record ever for the month, as reported by the Real Estate Board of Greater Vancouver.
Overall, 5,571 new listings came on the market last month which was almost 40% more than the same month one year ago, but actually 13% less than in September this year where 6,402 homes were listed.
In terms of what percentage of total inventory is selling, the sales-to-active listings ratio for all property types (houses, condos, townhouses) for October 2020 is 30%. Broken down by property type, it is 31% for detached homes, 44% for townhomes and 25% for apartments. When the sales-to-active listing ratio stays above the 20% mark for a sustained amount of time, analysts say that home prices typically increase. The opposite occurs when the ratio drops below 12% for several months.
The MLS® HPI benchmark price for all residential properties in Metro Vancouver currently sits at $1,045,100. This is 6% higher than October 2019 and a 0.4% above September's pricing.
Sales of detached homes saw a 42% increase with a 9% price jump between this year and last. Benchmark pricing is now at $1,523,800, which is 1.1% higher than September, 2020.
Sales of apartments went up 13% with a 4% increase in price since October 2019. The benchmark price of an apartment property is $683,500, which is the same as it was in September 2020.
Townhouse and duplex home sales jumped 46% and increased 5% in price over the past year, and 04% since last month with benchmark pricing now at $813,000.
You can find the full press release here. If you are looking for more specific information about a specific neighbourhood or property type, get in touch with some details about what you are curious about. Alternatively, you can find neighbourhood reports here covering statistics for each area in West Vancouver, Vancouver West, North Vancouver or East Vancouver.