Our local real estate board reports Metro Vancouver home buyers and sellers remained active in August with home selling new listing activity outpacing the regions historical averages.
Let’s take a closer look.
People who put their home buying and selling plans on hold in the Spring have been returning to the market throughout the summer. REALTOR’s registered more than 3,000 homes sales on the MLS in August. That’s a +37% increase over this time last year and +20% above the 10-year Average for the month.
Looking at home seller supply we saw over 5,800 homes new listed for sale in August. That’s a +55% increase compared to last year and +35% above our 10-yr average. This brings the total number of homes listed for sale in our region to about 12, 800 which is -4.4% below the total at this time last year. This limited over all supply of homes for sale coupled coupled with low interest rates is creating competition in today’s housing market.
To better understand the balance between supply and demand look to the Sales-To-Active-Listings Ratio. This balance is what determines price fluctuations. When this ratio gets below 12% for a sustained period prices typically decline. If it surpasses 20% for a sustained period prices typically increase.
Right now the overall ratio is 24% which means upward pressure is affecting home prices. By property type we see demand is concentrated in the townhome market, followed by detached homes and condos respectively.
The MLS HPI Benchmark Price for all housing types in Metro Vancouver is $1,038,700. This is a +5% increase over this time last year and is a +0.7% increase over last month.
Above all safety must remain our top priority during this pandemic.
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