The residential home sales in the region reached 2,150 in February 2020, a 44.9% increase when compared to the 1,484 sales that were recorded in February 2019, and a 36.9% increase from the 1,571 homes sold in January 2020 as reported by The Real Estate Board of Greater Vancouver (REBGV).
Last month's sales were 15.6% below the 10-year February sales average.
"Home buyer demand again saw strong year-over-year increases in February while the total inventory of homes for sale struggled to keep pace," Ashley Smith, REBGV president said. "This was most pronounced in the condominium market."
In February 2020, there were 4,002 attached, detached and apartment homes newly listed for sale in Metro Vancouver as per the Multiple Listing Service® (MLS®).This is a 2.8% increase compared to the 3,892 homes listed in February 2019 and a 3.4% increase compared to January 2020 when 3,872 homes were listed.
In Metro Vancouver, we have a total of 9,195 homes currently listed for sale on the MLS® system, a 20.7% decrease compared to February 2019 (11,590) and a 6.7% increase compared to January 2020 (8,617).
"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 listing ratios were 17.3% for detached homes in February 2020, 26.9% for townhomes, and 28.4% for apartments.
The benchmark price for a detached home is $1,433,900. This is a 0.7% decrease from February 2019 and a 1.9% increase over the past six months. The benchmark price of an apartment property is $677,200. This represents a 0.9% increase from February 2019 and a 3.6% increase over the past six months. The benchmark price of an attached home is $785,000. This represents a 0.6% increase from February 2019 and a 1.7% increase over the past six months.