Vancouver real estate sales up 44.9% in February
February saw a steady home buyer demand and a reduced home seller supply across Metro Vancouver. The latest data from the Real Estate Board of Greater Vancouver (REBGV) stated that 2,150 homes were sold in February 2020, a 44.9-per-cent increase year-over-year. On a month-over-month basis, sales decreased by 22.1 per cent. Last month’s sales, based on the 10-year February sales average, were down 15.6 per cent.
“Home buyer demand again saw strong year-over-year increases in February while the total inventory of homes for sale struggled to keep pace. This was most pronounced in the condominium market,” REBGV President Ashley Smith commented in the real estate board of Greater Vancouver’s release.
There were 4,002 homes newly listed for sale on the MLS® system in Metro Vancouver in February 2020, representing a 2.8 per-cent increase to the 3,892 homes listed in February 2019 and a 3.4 per-cent increase from January 2020 when 3,872 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,195, which is a 20.7 per-cent decrease compared to February 2019 and a 6.7 per-cent increase compared to January 2020.
“Our Realtors are reporting increased traffic at open houses and multiple offer scenarios in certain pockets of the market. If you’re considering listing your home for sale, now is a good time to act with increased demand, reduced competition from other sellers, and some upward pressure on prices,” says Smith.
The sales-to-active listings ratio for all property types for February 2020 is 23.4 per-cent, broken down into ratios of 17.3 per-cent for detached homes, 26.9 per-cent for townhomes, and 28.4 per-cent for apartments.
The MLS® Home Price Index benchmark price for all Metro Vancouver residential properties is currently $1,020,600, which represents a 0.3 per-cent increase over February 2019 and a 2.7 per-cent increase over the past 6 months.
In its 2020 Housing Market Outlook, RE/MAX calls for home prices in Vancouver East to rise by 8 per cent in 2020, to $1,120,313, while prices in Vancouver West are expected to rise by 4 per cent, to $2,187,363. This expectation is based on an increase in buyer confidence returning to the market, as well as continued population growth and price increases.