Prices steady as resale home sales increase

Metro Vancouver's June housing sales up month-over-month and 17 per cent above June 2019 with prices higher than a year ago

By
Business in Vancouver
July 3, 2020





June 2020 Metro Van home sales
— Detached house benchmark price now $1.46 million. | Vancouver Courier

Metro Vancouver posted 2,443 home sales in June, which was 17.6 per cent more than the 2,077 home sales in June 2019, and 64.5 per cent higher than the 1,485 homes that transacted in May, according to the Real Estate Board of Greater Vancouver (REBGV).
The rise in sales, however, remains 21.9 per cent below the 10-year average for home sales in June. 
Prices have held steady.
The benchmark price for all Metro Vancouver homes that sold in June was $1,025,300, which was down 0.3 per cent from May but up 3.5 per cent from the same month a year ago.
“Home prices have remained steady with minimal fluctuation over the last few months,” said REBGV chair Colette Gerber. “With increasing demand, realtors have begun seeing multiple offers for homes priced competitively for today’s market.”
There were 5,787 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service (MLS) in the region in June 2020. This represents a 21.8 per cent increase compared to the 4,751 homes listed in June 2019, and a 57.1 per cent increase compared to May 2020, when 3,684 homes were listed.
The total number of homes currently listed for sale on the MLS system in Metro Vancouver is 11,424. That's 23.7 per cent down from the 14,968 homes that were listed for sale in June 2019, but up 15.1% per cent from the 9,927 listed properties in May 2020.
For all property types, the sales-to-active listings ratio for June 2020 was 21.4 per cent. By property type, the ratio is 19.9 per cent for detached homes, 25.2 per cent for townhomes, and 21.3 per cent for apartments. Real estate insiders tend to describe the market as a “buyers’ market” when the sales-to-active-listings ratio is less than 12 per cent, and a “sellers’ market” when that ratio is above about 20 per cent for several months in a row.
Sales of detached homes in June reached 866, up 16.1 per cent from the 746 detached sales recorded in June 2019. The benchmark price for a detached home was $1,464,200, up 3.6 per cent from June 2019, and up 0.5 per cent from May 2020.
Condominium apartment home sales increased to 1,105 in June, up 17.4 per cent increase from the 941 sales in June 2019. The benchmark price of an apartment property was $680,800, up 3.6 per cent from June 2019, and down 0.8 per cent from May 2020.
Attached homes were the residential real estate sector that saw the biggest percentage jump in price, year-over-year. Those sales in June totalled 472, up 21 per cent compared to the 390 sales in the same month a year ago. The benchmark price for an attached home in June was $790,800, up 2.3 per cent from June, 2019, but down 0.2 per cent compared with May.

 


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