October 2020 continues to see record levels of activity for Greater Vancouver Real Estate.
Increases in real estate sales in Vancouver for October 2020
A total of 3,687 homes were reported sold by the Real Estate Board of Greater Vancouver for October 2020. A 29% increase compared to October 2019. October 2019 had 2,858 sales recorded. Sales also increased by 1.2% compared to last month. September 2020 reported 3,643 sales.
Also 2020 had the 2nd highest October Average. Sales were 34.7% higher than the 10-year average for the month of October.
Greater Vancouver Real Estate had Less New Listings for October 2020
October 2020 had 5,751 homes newly listed. 2020 had more new listings compared to October 2019. October 2019 had 4,074 homes newly listed. 2020 had a 36.7% increase compared to October 2019.
However when compared to September 2020, there were less listings. September 2020 had 6,402 listings. Compared to October 2020, this is 13% less.
Inventory was less compared to September 2020
The Multiple Listing Service® (MLS®) has 12,416 homes currently listed for sale. An increase of 1.5% compared to October of last year. October 2019 had 12,236 homes on the market.
Compared to September this is a 5.2% decrease. September 2020 had 13,096 active listings.
Vancouver Real Estate was in a Seller’s Market for October 2020
All Greater Vancouver real estate products were in a seller’s market for October 2020. The overall sales-to-active listing ratio was 29.7%. Detached homes had a ratio of 30.9%. Townhomes were at 43.5%. Apartments had a ratio of 24.9%.
Townhomes and detached houses have become more desirable to potential buyers. As more people work from home, large spaces become more attractive. However barriers to entry are still quite high for first-time home buyers to get into a detached home or townhouse. Condos continue to be more feasible for first time home buyers.
Detached housing had 1,335 sales for October 2020. An increase of 42.3% compared to October 2019. October 2019 had 938 detached sales.
Detached homes had a benchmark price of $ 1,523,800. A 1.1% increase compared to September 2020.
Condos had 1,570 sales compared to October 2020. A 13.4 per cent increase compared to the 1,384 sales in October 2019.
Condos had a benchmark price of $683,500. Compared to September 2020 the benchmark price is almost identical.
Attached homes sales had a total of 782 for October 2020. A 45.9 per cent increase compared to October 2019. 2019 had 536 sales.
Attached homes had a benchmark price of $813,000. A small 0.4 increase compared to September 2020.