November 2020 market update shows that home sales outpace seasonal norms and long-term averages!
Report from the Real Estate Board of Greater Vancouver, December 2, 2020
REBGV Stats package November 2020
Housing demand in Metro Vancouver* continues to outpace historical averages with November sales eclipsing 3,000 for the first time since 2015.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,064 in November 2020. A 22.7% increase from the 2,498 sales recorded in November 2019. There was a 16.9% decrease from the 3,687 homes sold in October 2020. Last month’s sales were 24.6% above the 10-year November sales average. This was the second highest total in this period.
Message from the REBGV Chair, Colette Gerber, “Home buyer demand is at near record levels in our region since the summer. This is putting upward pressure on home prices, particularly in our detached and townhome markets.”
There were 4,068 new listings on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2020. This represents a 36.2% increase compared to the 2,987 homes listed in November 2019. Plus it is a 27% decrease compared to October 2020 when 5,571 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,118. this is a 3.2% increase compared to November 2019 (10,770) and a 10.5% decrease compared to October 2020 (12,416).
“The supply of homes for sale are a critical factor in understanding home price trends,” Gerber said. “The total number of homes for sale in Metro Vancouver is lagging behind the pace of demand right now. This trend favours home sellers in today’s market.”
Click here for the full Real Estate Board of Greater Vancouver November 2020 market Report
Market Update Home sale and listing resurgence extends into October 2020
From the Real Estate Board of Greater Vancouver, Nov 03, 2020
Home sale and new listing activity remained at near record levels across Metro Vancouver in October. For the Real Estate of Greater Vancouver’s October 2020 Market Update Click here
The Real Estate Board of Greater Vancouver reports that residential home sales in the region totaled 3,687 in October 2020.
- a 29% increase from the 2,858 sales recorded in October 2019.
- 1.2% increase from the 3,643 homes sold in September 2020.
Last month’s sales were 34.7% above the 10-year October sales average. Standing as the second-highest total on record for the month!
“Home has been a focus for residents during the pandemic. With more days and evenings spent at home this year, people are re-thinking their housing situation,” Colette Gerber, REBGV Chair said. “Throughout this period, REALTORS® have been working to understand and adapt to the latest safety protocols so that they can continue to help the public meet their housing needs in a safe and responsible way.”
5,571 detached, attached and apartment homes were listed for sale on the Multiple Listing Service® in Metro Vancouver in October 2020. Representing a 36.7% increase compared to the 4,074 homes listed in October 2019 a 13% decrease compared to September 2020 when 6,402 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 12,416.
- a 1.5% increase compared to October 2019 (12,236)
- 5.2 % decrease compared to September 2020 (13,096).
“With demand on the rise, homes priced right for today’s market are receiving attention and, at times, garnering multiple offers,” Gerber said. “To understand the market conditions in your neighbourhood and property type of choice, work with your local REALTOR® to assess the latest MLS® housing market information.” Call Geoff Jarman at 604 313 7280.
The FULL REPORT Click here
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Note:
Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.
