Demand, meet supply. Market Highlights April 2021
Vancouver April Data! Hello again to all readers, today we take a look at the Market Highlights April 2021 which has just been released by the Real Estate Board of Greater Vancouver.
Home sellers are far more active in Vancouver’s housing market so far this springtime primarily in response to heightened demand and rising home values. This is something we have been waiting for and expecting with home values running aggressively higher in specific property types and price ranges. With pricing surging, more and more home owners have been drawn into selling their respective properties. We still need to see an increased rate of listings for the next while for the market to balance out. We will see what transpires, but are confident this listing energy will continue at least in the short run.
REBGV reported that sales in Metro Van amounted to 4,908 in the month of April 2021, this makes for a more than 340% increase from the over 1,100 transactions seen in April 2020.
In total, we saw 7,938 homes listed for sale in Metro Vancouver in April 2021. This makes for a 240% increase when considering the 2300 homes listed the same month last year.
The total number of homes currently listed in Metro Vancouver is just north of 10,000 which makes a roughly 9% increase when looking back to April 2020. This is also about a 12% increase compared to just last month (March 2021) which was about 9000 homes total.
Big numbers to consider:
Transactions of single detached homes in April 2021 hit over 1,650, which makes for a roughly 325% increase from a paltry by comparison number of 388 sales recorded the same time last year. Benchmark price for single detached is currently $1,755,500 which is a 21% increase from last year and about a 3% increase from last month.
Condominiums reached over 2,280 in April which was north of a 355% increase compared to just 500 sales the same month the previous year. Benchmark price is now $729,600, making for a 6% increase from April 2020 and about a 2% jump from March 2021.
See linked the April 2021 report here: http://members.rebgv.org/news/REBGV-Stats-Pkg-March-2021.pdf
We will continue to keep our clients apprised of any changes to market trends and data as more information becomes available! Stay posted for more real estate news which can always be found in our blog page at www.filerhttps://www.filerwelch.com/blog/
As always, give us a shout if you have any questions and thanks for reading Market Highlights April 2021.
Take a look also on our MLS search linked here FilerWelch.com / MLS Search to see real time market listings!
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Market Highlights April 2021.
Brought to you by your friendly REALTORS® through the MLS® System, courtesy of Baxter Welch for your convenience.
