“Home prices have remained steady with minimal fluctuation over the last few months,” noted Colette Gerber, REBGV Chair. “Home buyers and sellers have become more comfortable operating within the physical distancing and other safety protocols in place.”
June 2020 saw 2,443 residential home sales in the region. This number represents a 17.6% decrease from June 2019 and a 64.5% increase from May 2020. Last month’s sales are 21.9% below the 10-year June sales average, but the overall trend, especially as we look back on the past year, is positive.
June’s Housing Market at a Glance
There were 5,787 homes newly listed on the Multiple Listing Service® (MLS®) system in Metro Vancouver in June 2020. This number represents a 21.8% increase compared to June 2019, and a 57.1% increase compared to May 2020.There are 11,424 homes currently listed on Metro Vancouver’s MLS® system, a 23.7% decrease compared to June 2019, and a 15.1% increase compared to May 2020.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,025,300. This price has been relatively steady for the past few months and represents a 3.5% increase over June 2019 and a 0.3% decrease compared to May 2020.
The sales-to-active-listings ratio for all property types for June 2020 is 21.4%. By property type, that’s 19.9% for detached homes, 25.2% for townhomes, and 21.3% for apartments.
Generally, analysts say home prices dip when the ratio falls below 12% for a sustained period. Home prices often rise when the sales-to-active-listings ratio goes above 20% over several months.
Sales by Property Type
There were 866 detached homes sold in June 2020, a 16.1% increase compared to June 2019. The current benchmark price for a detached house is $1,464,200. This price represents a 3.6% increase from June 2019 and a 0.5% increase compared to May 2020.June 2020 saw 472 sales of attached homes, for a 21% increase compared to last year. The benchmark price of an attached home is now $790,800. This price represents a 2.3% increase from June 2019 and a 0.2% decrease compared to May 2020.
Finally, there were 1,105 sales of apartment homes in June 2020, a 17.4% increase compared to June 2019. The benchmark price of an apartment is now $680,800 — a 3.6% increase compared to June 2019 and a 0.8% decrease compared to May 2020.
Stilhavn is on your side
Metro Vancouver’s housing market appears to be heading back to normal. Still, if you’re looking for personalized guidance beyond the numbers, we are here to help, whether with a virtual property tour or a neighbourhood visit. “Much more of the real estate transaction is happening virtually today,” Gerber noted. “REALTORS® continue to optimize new technology tools and practices to help their clients meet their housing needs in a safe and responsible way.”If you’ve got questions about buying or selling your home, get in touch today!