The July 2020 buyer and seller activity for Metro Vancouver exceeded historical levels. This was published in the Real Estate Board of Greater Vancouver (REBGV) monthly market report. The report indicates that the total residential home sales increased by 22.3 % from 2,557 sales in July 2019 to 3,128 sales in 2020. The increase in July was a 28% increase over June 2020, where 2,443 homes were sold compared to the 3,128 sold in July. In total, the sales for July 2020 were 9.2 % higher than the 10 year average for sales in July.
Colette Berger, Chair at REBGV, notes that these numbers are a result of the pent up activity that both home sellers and buyers have been holding in. Couple that with limited supply overall and lower interest rates makes the market more competitive.
The July 2020 Metro Vancouver MLS saw an addition of 5,948 attached, detached and apartment properties being listed. In July 2019 only 4,613 properties were listed so July 2020 is showing a 28.9 % increase in listings compared to the same month of 2019. In June 2020 a total of 5,787 homes were listed showing a 2.8% increase from the previous month as well.
Currently, there are 12,083 properties listed for sale on the Metro Vancouver MLS system which is showing a decrease of 15.1% compared to the 14,240 properties that were on the list as of July 2019. The number is showing an increase though when compared to June 2020 which had a total of 11,424 properties listed.
Reaching Potential HomeBuyers Despite the Restrictions
We understand that everybody must take new strides to ensure that social distancing is being observed. As such companies are using a variety of technology solutions to keep home buyers and sellers safe with their interactions. We are all trying to limit in-person interactions as much as possible. As much as can be done virtually is done to ensure the safety of our nation as a whole.
Sales to Active Listings Ratios
For July 2020 we are seeing a sales to active listing ratio of 25.9% for all property types. We can further break that down by property type. Detached homes have a ratio of 25.1% while townhomes have a ratio of 31.1% and apartments have a ratio of 24.7%
The experts note that when the ratio dips to less than 12% for a sustained period is when there is downward pressure on home prices. On the flip side, home prices will rise when the ration passes 20% over a period of multiple months.
The benchmark price for residential properties on the Metro Vancouver MLS Home Price Index is currently $1,031,400. This is showing an increase over July 2019 of 4.5% and an increase over June 2020 of 0.6%.
Sales of Different Types of Properties
Detached home sales reached 1,121 in July 2020 which was an increase of 33.3% over the detached home sales that were recorded (841) for July 2019. The benchmark price for detached homes is $1,477,800. This price is showing an increase of 5% from prices in July 2019 and 0.9% from prices in June 2020.
Apartment home sales prices reached 1,400 in July 2020 showing an increase of 12.6% when compared to the sales(1,243) of July 2019. The benchmark price for apartments is currently at $682,500 indicating an increase of 4.2% from July 2019 and an increase of 0.3% when compared to June 2020.
Home sales for Attached homes were at 607 for July 2020 indicating an increase of 28.3% over the 473 sales for July 2019. The benchmark price is $797,700 indicating an increase of 3.7% over prices at July 2019 and a 0.9% increase over prices at June 2020.