Home sales and new listings set record set highs for Metro Vancouver housing market in April. With our market reaching these new levels and with the continued safety risks that Covid-19 poses, REALTOR®s have been focused this Spring on helping their clients making sound and responsible buying and selling decisions while continuing to strictly follow the pandemic safety protocols established for real estate in our province. Let’s take a closer look.
The housing market has changed considerably from one year ago when Covid-19 concerns brought activity to a near standstill. REALTOR®s registered 4,903 MLS home sales this April. That’s a 343% increased over this time last year and the highest selling April on record.
On the supply side we saw 7,938 homes newly listed on MLS last month. This is a 243% increase over April 2020 and also highest total ever registered for the month April. This record number of new listings brings the total number of homes currently listed for sale in our region to 10,245 (April 2021).
While we are starting to see home listings accumulate, more supply is needed to meet today’s demand and bring greater balance to the market.
To understand the balance between supply and demand we look to the sales-to-active listings ratio.
When this ratio is below 12% for a sustained period, prices typically decline.
When it surpasses 20% for a sustained period, prices typically increase.
April ended with this ratio at 48%. This suggests a strong seller’s market. By property type we that demand is concentrated mostly in the townhome market.
Looking at home prices, the MLS HPI Benchmark Price for all house types (detached homes, townhomes and condominiums) in Metro Vancouver is $1, 152,600 (April 2021). This is up 12% over this time last year, and is up about 3% from last month. As you can see below, less popular communities within the region continue to experience the largest year over year price increases across all property types.
So what factors are fueling this demand and price growth? Well, there is no one driving factor, record low interest rates, increased household savings, a strengthening economy, and continued focus on living space during the pandemic are all contributing to today’s activity. Remember that trends and conditions will vary. To better understand what’s happening in neighborhood or property type of choice, remember to talk with your local REALTOR®.
Buying and or selling on Vancouver’s North Shore (West Vancouver, North Vancouver)?
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