Sales Up 52% From January 2020.Benchmark Prices Still Climbing.
Multiple offer situations with homes selling over their listing price were not uncommon for January. Home sales continue to outpace supply with the REBGV reporting that numbers were 36.4% above the 10-year average. Below is a recap of the most relevant insights: - There were 2,389 home sales in Vancouver for January 2021, which is a 52.1% increase from the same month in 2019 and 36.4% over the 10-year average. It is, however, 22.8% less than the record-setting sales seen in December 2020.
- The sales-to-active-listings ratio for all homes in January 2021 was 28.8%. Generally prices decline when this ratio falls below 12% for a sustained period of time, and increase when it rises above 20%.
- Broken down by property type, the December sales-to-listing ratio was 26.3% for houses, 37.6% for townhomes, and 27.8% for condos.
- For detached homes, the benchmark pricing is $1,576,800. This is a 10.8% increase from January 2020 and a 1.4% increase over December 2020. This increase goes hand-in-hand with a 68.6% increase in detached home sales over the year.
- For apartments, the number of sales went up 46.8% between January 2020 - 2021. The benchmark price for an apartment went up 2.2% to $680,800 over the past year and 0.6% from December, 2020.
- Sales of of duplex and townhouse homes jumped 42.8% between December 2019 and 2020. Benchmark pricing went up 4.3% to $815,800 over the same time frame and 0.2% since December, 2020.
As for the market Canada-wide, similar increases are bring seen:
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