METRO VANCOUVER HOME SALES & LISTINGS SURGE IN SEPTEMBER!!!
Source: REBGV Oct 2020
Home sale and new listing activity reached record levels in Metro Vancouver in September.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled
3,643 in SEPTEMBER 2020,
a 56.2 % ⬆️⬆️ from the
2,333 sales recorded in September 2019,
a 19.6 % ⬆️⬆️ from the
3,047 homes sold in AUGUST 2020.
The total # of currently listed for sale on the MLS® system in Metro Vancouver is 13,096, a 2.6% decrease compared to September 2019 (13,439) and a 2.3% increase compared to August 2020 (12,803).
"While the pace of new MLS® listings entering the market is increasing, the heightened demand from home buyers is keeping overall supply levels down," Gerber said. "This is creating upward pressure ⬆️on home price$, which have been edging since the spring."
For all property types, the sales-to-active listings ratio for SEPTEMBER 2020 is 27.8%. By property type, the ratio is
28.3% for detached homes,
36.1% for townhomes, and
24.8% for apartments.
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while HOME PRICES often experience upward pressure ⬆️⬆️when it surpasses 2️⃣0️⃣% over several months.