Hello again and welcome, today we take a look at the Market Highlights January 2021 which has just been released by the Real Estate Board of Greater Vancouver.
The main points of note for this months data package are severalfold.
Firstly, we saw a reduction in overall inventory and an increase in buyer volume which is now causing hotter pricing to creep in to the broader real estate market. Sale volumes are outpacing the supply of homes for sale and this doesn’t take long to start impacting price points for existing real estate for sale.
Sales increased by over 52% from a year over year monthly basis with total sales totalling just under 2400 homes in the month of January. Another point of note was last months sales were around 36% above the 10-year sales average for January as a whole.
We expect the amount of new listings entering the market to increase marginally to respond to this pricing reality. We think this will come in a steady manner with more listings coming on specifically as the COVID-19 vaccine rollout and the spring market unfolds.
Sales to active listings ratio for January 2021 is hovering around 29%. The breakdown of this figure is 38% for townhomes, 26% for detached homes and 28% per cent for apartments. The commonly held position by the analysts with the real estate board is pricing typically falls when the ratio drops below 12% for a sustained time. Whereas property values will typically experience higher prices when having a ratio surpass 20% over several months.
Another note that we found of particular interest was the January 2021 stat of a near 70% increase in sales of single detached homes. This being compared to the previous January 2020 numbers. Sales of condominiums approached almost a 50% increase in year over year sales for the month of January and townhomes saw a 43% increase.
For the specifics of the data report by the Real Estate Board of Greater Vancouver see here:http://members.rebgv.org/news/REBGV-Stats-Pkg-January-2021.pdf?_cldee=YmF4dGVyQHZhbmNvdXZlcmx1eHVyeXJlYWx0eS5jb20%3d&recipientid=contact-6df320a10a77e811a95b000d3af49211-ffab7dc03fc748d0892cc402d8d59c22&utm_source=ClickDimensions&utm_medium=email&utm_campaign=Newsflash&esid=db65eb6e-ba61-eb11-a812-000d3a09d9a4
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 January 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 January 2021.
Brought to you by your friendly REALTORS® through the MLS® System, courtesy of Baxter Welch for your convenience.
